AMG National Trust Bank Has $3.09 Million Position in Corning Incorporated (NYSE:GLW)

AMG National Trust Bank lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 33.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 68,490 shares of the electronics maker’s stock after selling 33,679 shares during the period. AMG National Trust Bank’s holdings in Corning were worth $3,092,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. West Oak Capital LLC grew its stake in shares of Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares during the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares during the period. SteelPeak Wealth LLC increased its stake in Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares during the period. Grove Bank & Trust raised its holdings in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. lifted its position in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

GLW stock opened at $46.44 on Tuesday. The company has a 50 day moving average price of $45.85 and a 200 day moving average price of $41.68. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market capitalization of $39.76 billion, a PE ratio of 273.18, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Finally, UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.