Corning Incorporated (NYSE:GLW) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its position in Corning Incorporated (NYSE:GLWGet Rating) by 3.0% during the first quarter, Holdings Channel.com reports. The fund owned 196,160 shares of the electronics maker’s stock after selling 6,167 shares during the quarter. Amalgamated Bank’s holdings in Corning were worth $7,240,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Trust Asset Management LLC boosted its holdings in Corning by 3.9% in the first quarter. Trust Asset Management LLC now owns 7,717 shares of the electronics maker’s stock valued at $285,000 after acquiring an additional 287 shares during the last quarter. Waldron Private Wealth LLC raised its position in Corning by 5.2% in the first quarter. Waldron Private Wealth LLC now owns 5,896 shares of the electronics maker’s stock valued at $217,000 after purchasing an additional 293 shares during the period. Ferguson Wellman Capital Management Inc. raised its position in Corning by 1.7% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 17,536 shares of the electronics maker’s stock valued at $647,000 after purchasing an additional 298 shares during the period. Heathbridge Capital Management Ltd. raised its position in Corning by 3.0% in the first quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the electronics maker’s stock valued at $380,000 after purchasing an additional 300 shares during the period. Finally, Cornell Pochily Investment Advisors Inc. raised its position in Corning by 2.0% in the first quarter. Cornell Pochily Investment Advisors Inc. now owns 15,012 shares of the electronics maker’s stock valued at $554,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 69.00% of the company’s stock.

Corning Stock Down 1.7 %

Shares of Corning stock opened at $32.06 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56. The firm has a market cap of $27.10 billion, a P/E ratio of 13.76, a P/E/G ratio of 2.28 and a beta of 1.00. Corning Incorporated has a fifty-two week low of $30.63 and a fifty-two week high of $43.47. The business has a 50-day moving average price of $34.71 and a 200 day moving average price of $34.96.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. The firm had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. Corning’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 2.2 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be paid a $0.27 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a yield of 3.37%. Corning’s payout ratio is currently 46.35%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $36.70, for a total value of $204,602.50. Following the completion of the transaction, the senior vice president now directly owns 7,345 shares in the company, valued at $269,561.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on GLW. UBS Group cut their price objective on Corning to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 27th. Citigroup cut their price objective on Corning from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Friday, September 9th. Susquehanna Bancshares dropped their target price on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a research report on Friday, September 9th. Credit Suisse Group started coverage on Corning in a research report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 target price on the stock. Finally, Susquehanna dropped their target price on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a research report on Friday, September 9th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.27.

About Corning

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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 liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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