M&T Bank Corp cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 166,116 shares of the electronics maker’s stock after selling 6,148 shares during the period. M&T Bank Corp’s holdings in Corning were worth $5,384,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Corning by 17.3% during the second quarter. Vanguard Group Inc. now owns 75,624,176 shares of the electronics maker’s stock valued at $1,958,666,000 after buying an additional 11,133,114 shares during the period. Bank of New York Mellon Corp grew its stake in Corning by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 10,081,390 shares of the electronics maker’s stock worth $261,110,000 after purchasing an additional 211,078 shares during the period. FMR LLC grew its stake in Corning by 47.8% in the second quarter. FMR LLC now owns 5,872,584 shares of the electronics maker’s stock worth $152,099,000 after purchasing an additional 1,898,074 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Corning by 47.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,762,964 shares of the electronics maker’s stock worth $123,361,000 after purchasing an additional 1,543,345 shares during the period. Finally, FIL Ltd grew its stake in Corning by 11.6% in the second quarter. FIL Ltd now owns 4,444,149 shares of the electronics maker’s stock worth $115,103,000 after purchasing an additional 461,721 shares during the period. 75.55% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Martin J. Curran sold 41,484 shares of the company’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $31.75, for a total transaction of $1,317,117.00. Following the transaction, the vice president now directly owns 21,346 shares of the company’s stock, valued at $677,735.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 54,917 shares of the company’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $32.47, for a total value of $1,783,154.99. Over the last ninety days, insiders have sold 131,614 shares of company stock worth $4,296,225. Corporate insiders own 0.47% of the company’s stock.
Corning stock opened at $35.83 on Monday. The company has a current ratio of 2.09, a quick ratio of 1.42 and a debt-to-equity ratio of 0.74. The business’s fifty day simple moving average is $33.85 and its two-hundred day simple moving average is $29.19. Corning Incorporated has a 12 month low of $17.44 and a 12 month high of $37.08. The company has a market capitalization of $27.37 billion, a price-to-earnings ratio of 179.15, a price-to-earnings-growth ratio of 8.97 and a beta of 1.13.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 27th. The electronics maker reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.05. Corning had a return on equity of 11.50% and a net margin of 2.71%. The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. On average, equities research analysts predict that Corning Incorporated will post 1.36 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Thursday, November 12th. Corning’s payout ratio is currently 50.00%.
Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Corning from $36.00 to $39.00 in a research note on Friday, September 11th. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating and set a $38.00 price target on the stock. in a research note on Tuesday, November 10th. 140166 reaffirmed a “hold” rating and issued a $26.00 price target on shares of Corning in a research note on Tuesday, July 28th. Barclays upped their price target on Corning from $22.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 29th. Finally, Argus upped their price target on Corning from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, September 11th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $33.50.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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