AMG National Trust Bank Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

AMG National Trust Bank reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 33.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm 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.

A number of other hedge funds have also bought and sold shares of the business. City Holding Co. grew its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in Corning in the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC bought a new stake in Corning in the 3rd quarter worth $39,000. Global Trust Asset Management LLC increased its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after purchasing an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning during the third quarter valued at approximately $45,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the topic of several research reports. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a report on Friday, September 20th. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Barclays raised their target price on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $50.08.

Corning Trading Up 1.9 %

Shares of NYSE GLW traded up $0.87 during mid-day trading on Tuesday, reaching $47.31. 3,339,775 shares of the company's stock were exchanged, compared to its average volume of 5,659,643. 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 firm has a market capitalization of $40.51 billion, a price-to-earnings ratio of 273.18, a PEG ratio of 1.49 and a beta of 1.03. The company's 50-day moving average is $45.85 and its 200-day moving average is $41.68. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same period last year, the firm earned $0.45 earnings per share. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Friday, November 15th. Corning's dividend payout ratio is currently 658.82%.

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.