Corning Incorporated (NYSE:GLW) Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia boosted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 238.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 371,235 shares of the electronics maker's stock after buying an additional 261,583 shares during the quarter. Bank of Nova Scotia's holdings in Corning were worth $17,641,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Sound Income Strategies LLC lifted its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning in the 4th quarter valued at about $25,000. Asset Planning Inc purchased a new position in shares of Corning in the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton raised its stake in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC purchased a new stake in Corning during the fourth quarter valued at approximately $35,000. Institutional investors own 69.80% of the company's stock.

Insider Transactions at Corning

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

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Wall Street Analyst Weigh In

Several equities analysts have issued reports on GLW shares. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Citigroup lowered their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Finally, StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four equities research 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $53.69.

Corning Stock Performance

Shares of GLW traded up $0.38 during mid-day trading on Tuesday, reaching $41.99. The company had a trading volume of 1,375,702 shares, compared to its average volume of 6,324,673. The stock has a market capitalization of $35.98 billion, a P/E ratio of 72.40, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock has a 50 day moving average of $47.34 and a two-hundred day moving average of $47.78. 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 (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

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

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.