Amalgamated Bank Sells 2,049 Shares of Corning Incorporated (NYSE:GLW)

Amalgamated Bank lowered its stake in Corning Incorporated (NYSE:GLW) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 149,087 shares of the electronics maker’s stock after selling 2,049 shares during the period. Amalgamated Bank’s holdings in Corning were worth $7,085,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Wellington Management Group LLP raised its holdings in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after buying an additional 133,214 shares during the last quarter. State Street Corp raised its stake in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after purchasing an additional 38,168 shares during the period. FMR LLC grew its stake in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Finally, Stifel Financial Corp increased its holdings in Corning by 1.9% during the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock valued at $126,893,000 after purchasing an additional 52,667 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GLW. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Price Performance

Shares of NYSE GLW opened at $49.99 on Thursday. The company has a 50 day simple moving average of $50.08 and a two-hundred day simple moving average of $47.01. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a market capitalization of $42.82 billion, a price-to-earnings ratio of 86.19, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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.