National Bank of Canada FI Increases Stock Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• National Bank of Canada FI increased its stake in Corning Incorporated by 34.1% during the first quarter, owning over 805,000 shares valued at approximately $36.86 million.
• Corning's stock has been rated with an average of "Moderate Buy" by analysts, with price targets ranging from $56.00 to $72.00, indicating strong potential for growth.
• The company reported earnings of $0.60 EPS in its latest quarter, exceeding estimates by $0.03, and is set to pay a $0.28 quarterly dividend, generating a yield of 1.7%.

National Bank of Canada FI raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 34.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 805,103 shares of the electronics maker's stock after purchasing an additional 204,804 shares during the quarter. National Bank of Canada FI owned 0.09% of Corning worth $36,855,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Corning by 9.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after acquiring an additional 214 shares in the last quarter. Seeds Investor LLC raised its holdings in Corning by 3.0% in the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after purchasing an additional 221 shares in the last quarter. Harbour Investments Inc. raised its holdings in Corning by 2.4% in the first quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock worth $434,000 after purchasing an additional 224 shares in the last quarter. CreativeOne Wealth LLC raised its holdings in Corning by 2.4% in the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after purchasing an additional 238 shares in the last quarter. Finally, Old North State Wealth Management LLC raised its holdings in Corning by 0.6% in the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after purchasing an additional 239 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. Argus reiterated a "buy" rating and issued a $68.00 price objective on shares of Corning in a report on Wednesday, July 30th. UBS Group increased their price objective on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Mizuho set a $74.00 price objective on Corning and gave the stock an "outperform" rating in a report on Friday, August 8th. Citigroup increased their target price on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Susquehanna reissued a "positive" rating and issued a $75.00 target price (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Corning Stock Performance

Shares of Corning stock traded up $0.18 during trading on Wednesday, hitting $65.93. 391,238 shares of the company's stock traded hands, compared to its average volume of 5,660,022. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $66.50. The stock has a market capitalization of $56.48 billion, a P/E ratio of 70.04, a PEG ratio of 1.46 and a beta of 1.08. The business has a 50-day simple moving average of $54.81 and a 200-day simple moving average of $49.80.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is presently 119.15%.

Insider Activity

In related news, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the sale, the chief executive officer directly owned 809,295 shares in the company, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 211,484 shares of company stock worth $12,813,804. 0.32% of the stock is currently owned by corporate insiders.

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.