National Bank of Canada FI Sells 97,621 Shares of Corning Incorporated (NYSE:GLW)

National Bank of Canada FI decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 13.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 643,145 shares of the electronics maker's stock after selling 97,621 shares during the period. National Bank of Canada FI owned about 0.08% of Corning worth $29,038,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. West Oak Capital LLC boosted its holdings 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 worth $2,328,000 after buying an additional 215 shares during the period. Lake Street Advisors Group LLC increased its stake in shares of Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock worth $246,000 after purchasing an additional 232 shares during the period. SteelPeak Wealth LLC lifted its holdings in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock worth $338,000 after purchasing an additional 239 shares during the last quarter. Grove Bank & Trust boosted its stake in 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 holdings in Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after buying an additional 250 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company's stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GLW shares. StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a research report on Wednesday, December 4th. Barclays increased their target price on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Finally, Oppenheimer restated an "outperform" rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $50.08.

Corning Price Performance

NYSE:GLW traded down $1.05 on Monday, hitting $48.51. The company had a trading volume of 4,301,142 shares, compared to its average volume of 5,574,285. Corning Incorporated has a 52 week low of $29.14 and a 52 week high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.53 billion, a price-to-earnings ratio of 285.35, a PEG ratio of 1.58 and a beta of 1.03. The firm has a 50 day moving average of $47.29 and a two-hundred day moving average of $43.08.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. On average, research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning's dividend payout ratio is 658.82%.

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.