AMG National Trust Bank Sells 3,074 Shares of Corning Incorporated (NYSE:GLW)

AMG National Trust Bank cut its stake in shares of Corning Incorporated (NYSE:GLW) by 4.5% during the 4th quarter, HoldingsChannel reports. The firm owned 65,416 shares of the electronics maker’s stock after selling 3,074 shares during the period. AMG National Trust Bank’s holdings in Corning were worth $3,097,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in GLW. Principal Financial Group Inc. grew its holdings in shares of Corning by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 890,981 shares of the electronics maker’s stock valued at $40,228,000 after purchasing an additional 12,451 shares during the last quarter. Keynote Financial Services LLC bought a new stake in shares of Corning during the 3rd quarter valued at approximately $230,000. Hudson Value Partners LLC boosted its position in Corning by 5.3% during the 3rd quarter. Hudson Value Partners LLC now owns 112,552 shares of the electronics maker’s stock worth $5,082,000 after buying an additional 5,699 shares during the period. J.P. Marvel Investment Advisors LLC boosted its position in Corning by 1.2% during the 3rd quarter. J.P. Marvel Investment Advisors LLC now owns 255,711 shares of the electronics maker’s stock worth $11,545,000 after buying an additional 2,970 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Corning during the 3rd quarter worth approximately $88,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 0.8 %

NYSE:GLW opened at $45.89 on Friday. The firm has a market cap of $39.31 billion, a P/E ratio of 79.13, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The firm’s fifty day moving average is $50.06 and its 200-day moving average is $47.28. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup lifted their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Company Profile

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.