Northwest & Ethical Investments L.P. Sells 5,522 Shares of Corning Incorporated (NYSE:GLW)

Northwest & Ethical Investments L.P. trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 10.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,641 shares of the electronics maker’s stock after selling 5,522 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Corning were worth $2,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. City Holding Co. grew its stake in 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 during the period. Accordant Advisory Group Inc acquired a new stake in Corning in the second quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC acquired a new stake in Corning in the third quarter valued at approximately $40,000. Finally, Global Trust Asset Management LLC grew its stake in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

Shares of Corning stock opened at $48.67 on Friday. The business’s fifty day simple moving average is $46.78 and its 200 day simple moving average is $42.46. The firm has a market capitalization of $41.67 billion, a P/E ratio of 286.29, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 12 month low of $28.02 and a 12 month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Corning’s payout ratio is presently 658.82%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.