National Bank of Canada FI Trims Stake in Corning Incorporated (NYSE:GLW)

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

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Ameriprise Financial Inc. raised its stake in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares during the period. Wellington Management Group LLP grew its position in shares of Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares during the period. Federated Hermes Inc. increased its stake in shares of Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Corning by 302.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after purchasing an additional 1,124,787 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after buying an additional 1,060,450 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 239,841 shares of company stock worth $7,971,257. Company insiders own 0.45% of the company’s stock.

Corning Price Performance

Corning stock opened at $33.93 on Thursday. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The stock has a market cap of $29.06 billion, a P/E ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The company has a 50-day moving average price of $32.40 and a 200 day moving average price of $30.74. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

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

Corning Announces Dividend

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

Analyst Ratings Changes

GLW has been the subject of a number of research analyst reports. Morgan Stanley reissued an “overweight” rating and set a $35.00 target price on shares of Corning in a report on Monday, April 22nd. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. lifted their target price on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Finally, Mizuho assumed coverage on shares of Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Corning currently has an average rating of “Hold” and a consensus target price of $35.00.

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.