Corning Incorporated (NYSE:GLW) Shares Sold by National Bank of Canada FI

National Bank of Canada FI reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 6.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 600,299 shares of the electronics maker's stock after selling 42,846 shares during the quarter. National Bank of Canada FI owned about 0.07% of Corning worth $28,526,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Public Sector Pension Investment Board increased its position in Corning by 13.9% during the third quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker's stock worth $1,256,000 after purchasing an additional 3,400 shares during the last quarter. Captrust Financial Advisors increased its holdings in Corning by 6.4% in the 3rd quarter. Captrust Financial Advisors now owns 100,289 shares of the electronics maker's stock valued at $4,528,000 after purchasing an additional 6,034 shares during the last quarter. Benjamin Edwards Inc. acquired a new stake in shares of Corning in the third quarter valued at $1,804,000. Hilltop Holdings Inc. boosted its holdings in Corning by 39.2% during the 3rd quarter. Hilltop Holdings Inc. now owns 36,503 shares of the electronics maker's stock valued at $1,648,000 after acquiring an additional 10,287 shares during the period. Finally, HighTower Advisors LLC boosted its holdings in Corning by 56.1% during the 3rd quarter. HighTower Advisors LLC now owns 646,817 shares of the electronics maker's stock valued at $29,208,000 after acquiring an additional 232,397 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

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Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm'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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company's 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 owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Up 0.1 %

GLW traded up $0.03 during trading on Monday, hitting $39.10. 4,859,743 shares of the company's stock were exchanged, compared to its average volume of 6,156,291. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a 50 day moving average price of $48.95 and a 200 day moving average price of $48.00. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market cap of $33.50 billion, a P/E ratio of 67.09, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating 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%. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.86%. Corning's dividend payout ratio (DPR) is 193.10%.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Bank of America increased their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their price target for the stock 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 given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average target price of $54.31.

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.