Caisse DE Depot ET Placement DU Quebec Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Caisse DE Depot ET Placement DU Quebec trimmed its position in Corning Incorporated (NYSE:GLW) by 24.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 725,751 shares of the electronics maker’s stock after selling 236,139 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Corning were worth $32,768,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. City Holding Co. increased its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Accordant Advisory Group Inc purchased a new stake in Corning in the 2nd quarter valued at about $39,000. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the 3rd quarter valued at about $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning during the 3rd quarter worth about $40,000. Finally, Global Trust Asset Management LLC boosted its position in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW stock opened at $48.67 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company’s fifty day moving average price is $46.78 and its two-hundred day moving average price is $42.56. The firm has a market capitalization of $41.67 billion, a P/E ratio of 286.29, a P/E/G ratio of 1.56 and a beta of 1.03. Corning Incorporated has a 12 month low of $28.02 and a 12 month high of $51.03.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s dividend payout ratio (DPR) is 658.82%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages recently commented on GLW. Barclays upped their price target 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. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. 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 report on Wednesday, October 30th. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $50.08.

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.