M&T Bank Corp reduced its position in Corning Inc. (NYSE:GLW) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 225,424 shares of the company’s stock after selling 4,525 shares during the period. M&T Bank Corp’s holdings in Corning were worth $5,331,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the company. Emerald Acquisition Ltd. acquired a new stake in Corning during the second quarter worth $133,993,000. Yacktman Asset Management LP raised its stake in Corning by 0.6% in the second quarter. Yacktman Asset Management LP now owns 3,373,580 shares of the company’s stock worth $69,091,000 after buying an additional 20,796 shares during the last quarter. Nationwide Fund Advisors raised its stake in Corning by 42.0% in the second quarter. Nationwide Fund Advisors now owns 568,392 shares of the company’s stock worth $11,641,000 after buying an additional 167,983 shares during the last quarter. Cacti Asset Management LLC raised its stake in Corning by 1.3% in the third quarter. Cacti Asset Management LLC now owns 1,737,148 shares of the company’s stock worth $41,084,000 after buying an additional 21,750 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock worth $393,767,000 after buying an additional 4,712,631 shares during the last quarter. Institutional investors and hedge funds own 75.83% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) remained flat at $24.29 on Monday. The stock had a trading volume of 1,960,380 shares. The stock has a 50-day moving average price of $23.38 and a 200-day moving average price of $22.01. The firm has a market cap of $23.11 billion, a price-to-earnings ratio of 12.38 and a beta of 1.32. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $24.42.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.04. Corning had a return on equity of 10.11% and a net margin of 25.66%. The company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the business earned $0.34 EPS. Corning’s revenue was up 4.0% on a year-over-year basis. Equities research analysts anticipate that Corning Inc. will post $1.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be issued a dividend of $0.135 per share. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 annualized dividend and a yield of 2.22%. Corning’s dividend payout ratio (DPR) is 27.84%.
A number of research firms have recently issued reports on GLW. Bank of America Corp. reissued a “sell” rating and set a $17.50 price target on shares of Corning in a research report on Wednesday, September 21st. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a research report on Friday, August 26th. Susquehanna reissued a “positive” rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a research report on Wednesday, September 28th. Citigroup Inc. increased their price target on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Finally, Deutsche Bank AG increased their price target on Corning from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, October 26th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $22.91.
In other Corning news, insider Clark S. Kinlin sold 66,667 shares of the company’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $22.92, for a total transaction of $1,528,007.64. Following the sale, the insider now owns 70,068 shares in the company, valued at approximately $1,605,958.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 204,750 shares of the company’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $23.07, for a total value of $4,723,582.50. Following the sale, the chief executive officer now owns 136,500 shares in the company, valued at approximately $3,149,055. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.