Caisse DE Depot ET Placement DU Quebec Trims Position in Corning Incorporated (NYSE:GLW)

Caisse DE Depot ET Placement DU Quebec decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 24.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 725,751 shares of the electronics maker's stock after selling 236,139 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned about 0.08% of Corning worth $32,768,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in GLW. West Oak Capital LLC boosted its stake in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock valued at $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC grew its holdings in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock worth $246,000 after acquiring an additional 232 shares during the period. SteelPeak Wealth LLC raised its position in shares of Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock worth $338,000 after acquiring an additional 239 shares in the last quarter. Grove Bank & Trust lifted its stake in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. grew its stake in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock worth $770,000 after purchasing an additional 250 shares during the period. Institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GLW. Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 29th. Finally, UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.08.

Corning Stock Performance

Shares of GLW stock traded up $0.57 during trading hours on Monday, reaching $49.24. The company had a trading volume of 4,779,664 shares, compared to its average volume of 5,618,747. The firm has a market cap of $42.16 billion, a PE ratio of 289.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The business has a fifty day moving average price of $46.87 and a 200-day moving average price of $42.66. Corning Incorporated has a one year low of $28.30 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. Sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

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 given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.27%. Corning's payout ratio is 658.82%.

Insider Buying and Selling at Corning

In other news, 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 transaction of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm'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 completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company's stock.

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.