Corning Incorporated (NYSE:GLW) Stock Position Trimmed by AMG National Trust Bank

AMG National Trust Bank decreased its position in Corning Incorporated (NYSE:GLW) by 33.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in GLW. Prudent Man Advisors LLC increased its stake in Corning by 42.4% during the 3rd quarter. Prudent Man Advisors LLC now owns 28,334 shares of the electronics maker’s stock valued at $1,279,000 after buying an additional 8,441 shares during the period. Swiss National Bank increased its stake in shares of Corning by 0.6% during the third quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock valued at $109,060,000 after acquiring an additional 14,900 shares during the period. Claro Advisors LLC raised its holdings in Corning by 22.4% during the third quarter. Claro Advisors LLC now owns 7,118 shares of the electronics maker’s stock worth $321,000 after purchasing an additional 1,303 shares in the last quarter. Atlanta Consulting Group Advisors LLC acquired a new stake in Corning in the third quarter worth approximately $213,000. Finally, Cassady Schiller Wealth Management LLC bought a new position in Corning during the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $46.44 on Tuesday. The firm has a market cap of $39.76 billion, a price-to-earnings ratio of 273.18, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The company’s fifty day moving average is $45.85 and its 200-day moving average is $41.68. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03.

Corning (NYSE:GLW) last posted its earnings results 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 return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. Equities analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s payout ratio is currently 658.82%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.