National Bank of Canada FI Has $28.53 Million Holdings in Corning Incorporated (NYSE:GLW)

National Bank of Canada FI decreased its position in shares of Corning Incorporated (NYSE:GLW) by 6.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 600,299 shares of the electronics maker’s stock after selling 42,846 shares during the period. National Bank of Canada FI owned 0.07% of Corning worth $28,526,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of GLW. Oregon Public Employees Retirement Fund lifted its position in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. lifted its holdings in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares during the last quarter. Bogart Wealth LLC boosted its position in shares of Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after acquiring an additional 219 shares during the period. Buffington Mohr McNeal boosted its position in shares of Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after acquiring an additional 220 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Up 2.3 %

Shares of GLW stock opened at $46.59 on Thursday. The company has a market capitalization of $39.92 billion, a P/E ratio of 80.33, a P/E/G ratio of 1.50 and a beta of 1.03. The firm has a 50-day moving average price of $49.49 and a 200 day moving average price of $48.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.40%. Corning’s dividend payout ratio (DPR) is 193.10%.

Insiders Place Their Bets

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research reports. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Company 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.