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

Amalgamated Bank decreased its position in Corning Incorporated (NYSE:GLW) by 7.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,293 shares of the electronics maker’s stock after selling 14,328 shares during the quarter. Amalgamated Bank’s holdings in Corning were worth $5,825,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of GLW. Natixis Advisors L.P. lifted its holdings in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new position in shares of Corning in the fourth quarter worth about $1,199,000. Socha Financial Group LLC boosted its holdings in shares of Corning by 8.8% in the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after buying an additional 27,772 shares during the period. HB Wealth Management LLC increased its position in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after acquiring an additional 1,926 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after acquiring an additional 40,564 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.8 %

Corning stock opened at $33.44 on Tuesday. The company has a market capitalization of $28.65 billion, a P/E ratio of 47.10, a P/E/G ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm’s fifty day simple moving average is $32.38 and its 200-day simple moving average is $30.69. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio is 157.75%.

Insider Transactions at Corning

In related news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 119,988 shares of company stock worth $3,984,964. 0.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Mizuho started coverage on Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 price target on the stock. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.00.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.