M&T Bank Corp Sells 10,094 Shares of Corning Incorporated (NYSE:GLW)

M&T Bank Corp lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.9% during the 4th quarter, HoldingsChannel reports. The fund owned 195,973 shares of the electronics maker’s stock after selling 10,094 shares during the period. M&T Bank Corp’s holdings in Corning were worth $5,967,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other Corning news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,988 shares of company stock worth $3,984,964. Corporate insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Barclays upped their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. increased their price target on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $35.00.

Corning Stock Down 0.8 %

NYSE GLW opened at $33.44 on Tuesday. 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 Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The stock’s 50 day moving average is $32.38 and its 200 day moving average is $30.69. The stock has a market cap of $28.65 billion, a PE ratio of 47.10, a P/E/G ratio of 1.71 and a beta of 1.07.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business posted $0.41 earnings per share. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

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

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.