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

Amalgamated Bank lowered its stake in Corning Incorporated (NYSE:GLW) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 151,136 shares of the electronics maker’s stock after selling 4,447 shares during the quarter. Amalgamated Bank’s holdings in Corning were worth $6,824,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in the company. City Holding Co. grew its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. ESL Trust Services LLC bought a new position in shares of Corning in the first quarter valued at approximately $33,000. Accordant Advisory Group Inc bought a new stake in shares of Corning in the second quarter valued at about $39,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the 3rd quarter worth approximately $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Finally, Citigroup boosted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Up 2.0 %

Shares of GLW stock opened at $48.24 on Thursday. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market cap of $41.30 billion, a price-to-earnings ratio of 283.76, a PEG ratio of 1.51 and a beta of 1.03. The firm’s 50-day moving average is $44.83 and its 200-day moving average is $40.75.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s payout ratio is presently 658.82%.

Corning 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.