National Bank of Canada FI Has $13.60 Million Position in Corning Incorporated (NYSE:GLW)

National Bank of Canada FI decreased its stake in Corning Incorporated (NYSE:GLW) by 5.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 446,232 shares of the electronics maker’s stock after selling 25,245 shares during the period. National Bank of Canada FI owned 0.05% of Corning worth $13,597,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Harvest Investment Advisors LLC lifted its position in shares of Corning by 1.0% in the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after purchasing an additional 364 shares during the period. Venture Visionary Partners LLC boosted its position in Corning by 2.0% during the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after acquiring an additional 380 shares during the last quarter. Fiera Capital Corp grew its holdings in Corning by 2.7% during the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock worth $450,000 after acquiring an additional 385 shares during the period. New World Advisors LLC raised its position in shares of Corning by 3.5% in the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock worth $359,000 after acquiring an additional 400 shares in the last quarter. Finally, Western Wealth Management LLC lifted its stake in shares of Corning by 1.6% in the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock valued at $784,000 after purchasing an additional 405 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Up 1.5 %

Shares of NYSE:GLW opened at $33.93 on Thursday. The stock has a market cap of $29.06 billion, a price-to-earnings ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The business’s 50 day moving average is $32.40 and its 200 day moving average is $30.74. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $0.41 EPS. The business’s revenue was down 11.5% compared to the same quarter last year. On average, sell-side analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on GLW shares. Mizuho initiated coverage on Corning in a research note on Tuesday. They set a “neutral” rating and a $36.00 target price for the company. Susquehanna reiterated a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.00.

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 239,841 shares of company stock valued at $7,971,257. 0.45% of the stock is owned by 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.