Bank of Nova Scotia Has $8.76 Million Stake in Corning Incorporated (NYSE:GLW)

Key Points

• Bank of Nova Scotia reduced its stake in Corning Incorporated by 48.5%, now holding $8.76 million worth of shares following the sale of 179,956 shares in Q1.
• Analysts have increased the price targets for Corning, with Oppenheimer setting a new target at $72.00, reflecting a positive outlook for the stock.
• Corning announced a quarterly dividend of $0.28 per share, representing a yield of 1.8%, with a payout ratio currently at 119.15%.

Bank of Nova Scotia trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 48.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,279 shares of the electronics maker's stock after selling 179,956 shares during the period. Bank of Nova Scotia's holdings in Corning were worth $8,757,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Vermillion Wealth Management Inc. acquired a new position in shares of Corning during the fourth quarter valued at about $29,000. Putney Financial Group LLC acquired a new position in Corning in the fourth quarter valued at about $30,000. Investment Management Corp VA ADV boosted its position in Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after buying an additional 463 shares in the last quarter. Transce3nd LLC acquired a new position in Corning in the fourth quarter valued at about $39,000. Finally, ORG Partners LLC raised its stake in shares of Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after acquiring an additional 476 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GLW shares. Oppenheimer reiterated an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. UBS Group raised their target price on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Morgan Stanley set a $56.00 target price on shares of Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Susquehanna reaffirmed a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.25.

Corning Price Performance

Shares of Corning stock opened at $63.44 on Tuesday. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $63.91. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average of $53.03 and a 200 day moving average of $49.28. The firm has a market cap of $54.33 billion, a PE ratio of 67.49, a PEG ratio of 1.59 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the prior year, the firm posted $0.47 earnings per share. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is currently 119.15%.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president owned 31,505 shares of the company's stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,381 shares of company stock valued at $7,836,789. 0.32% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.