Intact Investment Management Inc. Increases Holdings in Corning Incorporated (NYSE:GLW)

Intact Investment Management Inc. boosted its position in Corning Incorporated (NYSE:GLW) by 56.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 189,100 shares of the electronics maker’s stock after purchasing an additional 68,000 shares during the period. Intact Investment Management Inc.’s holdings in Corning were worth $5,758,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Russell Investments Group Ltd. grew its position in Corning by 6.3% during the 4th quarter. Russell Investments Group Ltd. now owns 256,807 shares of the electronics maker’s stock worth $7,837,000 after acquiring an additional 15,283 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Corning in the fourth quarter worth approximately $51,000. Bryn Mawr Capital Management LLC bought a new position in shares of Corning in the fourth quarter worth approximately $339,000. Syon Capital LLC purchased a new stake in Corning during the 4th quarter valued at $339,000. Finally, Community Bank N.A. grew its holdings in Corning by 9.4% in the 4th quarter. Community Bank N.A. now owns 83,802 shares of the electronics maker’s stock worth $2,552,000 after acquiring an additional 7,170 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. UBS Group raised their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Hold” and an average price target of $34.78.

Corning Stock Down 0.1 %

Corning stock traded down $0.02 during trading hours on Friday, hitting $31.33. The stock had a trading volume of 3,689,954 shares, compared to its average volume of 3,969,842. The stock’s 50-day moving average price is $32.28 and its 200-day moving average price is $30.46. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $26.80 billion, a P/E ratio of 46.76, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 EPS. Equities research analysts anticipate that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Insider Buying and Selling

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.40% of the stock is currently owned by corporate insiders.

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.