Scotia Capital Inc. Acquires 4,594 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Scotia Capital Inc. increased its stake in Corning Incorporated by 6.5%, acquiring an additional 4,594 shares, bringing its total holdings to 74,921 shares worth approximately $3.43 million.
• Corning recently reported earnings of $0.60 per share, surpassing analyst expectations of $0.57 per share, with revenues of $3.86 billion for the quarter.
• Several brokerages have upgraded their ratings on Corning, with Oppenheimer raising its price target to $72.00, reflecting a strong positive outlook for the company's stock.

Scotia Capital Inc. increased its stake in Corning Incorporated (NYSE:GLW - Free Report) by 6.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 74,921 shares of the electronics maker's stock after buying an additional 4,594 shares during the quarter. Scotia Capital Inc.'s holdings in Corning were worth $3,430,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. purchased a new position in Corning in the fourth quarter valued at about $29,000. Putney Financial Group LLC bought a new stake in shares of Corning in the 4th quarter worth approximately $30,000. Investment Management Corp VA ADV lifted its stake 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 purchasing an additional 463 shares during the last quarter. Transce3nd LLC bought a new position in Corning during the fourth quarter valued at $39,000. Finally, ORG Partners LLC increased its position in 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 buying an additional 476 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GLW. Oppenheimer reaffirmed 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 upped their price objective on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. increased their target price on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Argus reissued a "buy" rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $63.25.

Corning Price Performance

Corning stock opened at $63.44 on Tuesday. The stock has a market cap of $54.33 billion, a price-to-earnings ratio of 67.49, a PEG ratio of 1.59 and a beta of 1.08. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The business has a 50-day simple moving average of $53.03 and a 200 day simple moving average of $49.28. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $63.91.

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

Corning Dividend Announcement

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

Insider Transactions at Corning

In other 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 transaction of $1,035,714.12. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 137,381 shares of company stock worth $7,836,789. Company insiders own 0.32% of the company's stock.

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.

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