M&T Bank Corp decreased its position in shares of Corning Incorporated (NYSE:GLW) by 1.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 188,838 shares of the electronics maker’s stock after selling 3,580 shares during the quarter. M&T Bank Corp’s holdings in Corning were worth $5,705,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LS Investment Advisors LLC lifted its holdings in Corning by 16.6% during the 4th quarter. LS Investment Advisors LLC now owns 20,458 shares of the electronics maker’s stock worth $618,000 after buying an additional 2,915 shares during the period. Good Life Advisors LLC lifted its holdings in Corning by 23.9% during the 4th quarter. Good Life Advisors LLC now owns 14,771 shares of the electronics maker’s stock worth $446,000 after buying an additional 2,851 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Corning by 1.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 483,398 shares of the electronics maker’s stock worth $14,603,000 after buying an additional 6,169 shares during the period. Essex Savings Bank acquired a new position in Corning during the 4th quarter worth about $34,000. Finally, Dupont Capital Management Corp lifted its holdings in Corning by 117.9% during the 4th quarter. Dupont Capital Management Corp now owns 70,355 shares of the electronics maker’s stock worth $2,125,000 after buying an additional 38,070 shares during the period. 70.58% of the stock is currently owned by institutional investors.
In related news, SVP Lewis A. Steverson sold 12,577 shares of the business’s stock in a transaction dated Monday, November 26th. The stock was sold at an average price of $31.47, for a total value of $395,798.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Deborah Rieman sold 4,430 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $32.30, for a total value of $143,089.00. The disclosure for this sale can be found here. Insiders sold a total of 103,009 shares of company stock worth $3,330,247 over the last three months. 0.46% of the stock is owned by company insiders.
Shares of NYSE:GLW opened at $33.39 on Friday. The stock has a market capitalization of $26.73 billion, a PE ratio of 18.76, a price-to-earnings-growth ratio of 1.89 and a beta of 1.21. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 2.12. Corning Incorporated has a 1 year low of $26.11 and a 1 year high of $36.56.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. Corning had a return on equity of 14.21% and a net margin of 9.44%. The firm’s revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 EPS. On average, equities research analysts forecast that Corning Incorporated will post 2 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, February 28th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.40%. This is an increase from Corning’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, February 27th. Corning’s payout ratio is currently 40.45%.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
See Also: Cost of Goods Sold (COGS)
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