Bank of Montreal Can Raises Stock Holdings in Corning Incorporated (NYSE:GLW)

Bank of Montreal Can increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 99.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,464,171 shares of the electronics maker's stock after purchasing an additional 730,815 shares during the period. Bank of Montreal Can owned approximately 0.17% of Corning worth $69,577,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning during the fourth quarter worth about $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton grew its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $35,000. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of GLW traded up $0.73 during midday trading on Monday, hitting $41.99. 1,101,625 shares of the company traded hands, compared to its average volume of 5,911,331. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The firm has a market cap of $35.98 billion, a P/E ratio of 72.40, a PEG ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a 50-day moving average of $47.57 and a 200-day moving average of $47.81.

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Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio (DPR) is 193.10%.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares of the company's stock, 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 SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction that occurred 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. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Finally, HSBC raised Corning from a "hold" rating to a "buy" rating and increased their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company 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.