Amalgamated Bank Has $6.04 Million Stock Position in Corning Incorporated (NYSE:GLW)

Amalgamated Bank reduced its stake in Corning Incorporated (NYSE:GLW) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 155,583 shares of the electronics maker’s stock after selling 3,420 shares during the period. Amalgamated Bank’s holdings in Corning were worth $6,044,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Grove Bank & Trust grew its position in shares of Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after buying an additional 250 shares during the period. Burns J W & Co. Inc. NY grew its holdings in Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares during the period. Long Run Wealth Advisors LLC increased its stake in Corning by 0.8% in the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares in the last quarter. Legacy Capital Group California Inc. raised its holdings in Corning by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares during the period. Finally, Alaska Permanent Fund Corp boosted its position in shares of Corning by 0.4% during the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after purchasing an additional 329 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Up 0.2 %

Shares of GLW stock opened at $44.50 on Friday. The firm’s fifty day moving average price is $41.73 and its two-hundred day moving average price is $37.51. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The firm has a market capitalization of $38.08 billion, a P/E ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.52%. Corning’s dividend payout ratio is presently 157.75%.

Wall Street Analyst Weigh In

A number of research firms recently commented on GLW. Barclays upped their price objective on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price objective on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday. Citigroup raised their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Corning Profile

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.