Corning Incorporated (NYSE:GLW) Holdings Lowered by Caisse DE Depot ET Placement DU Quebec

Caisse DE Depot ET Placement DU Quebec cut its stake in Corning Incorporated (NYSE:GLW) by 18.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 589,000 shares of the electronics maker’s stock after selling 136,751 shares during the period. Caisse DE Depot ET Placement DU Quebec owned approximately 0.07% of Corning worth $27,989,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of Corning by 8.5% in the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock worth $85,468,000 after buying an additional 148,042 shares in the last quarter. World Investment Advisors LLC lifted its holdings in Corning by 327.3% in the 3rd quarter. World Investment Advisors LLC now owns 24,087 shares of the electronics maker’s stock valued at $1,088,000 after acquiring an additional 18,450 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Corning by 15.9% during the 3rd quarter. Tidal Investments LLC now owns 41,535 shares of the electronics maker’s stock valued at $1,875,000 after purchasing an additional 5,713 shares in the last quarter. Synovus Financial Corp grew its stake in shares of Corning by 65.4% in the 3rd quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker’s stock worth $908,000 after purchasing an additional 7,952 shares during the last quarter. Finally, Peapack Gladstone Financial Corp raised its holdings in shares of Corning by 0.7% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 51,821 shares of the electronics maker’s stock worth $2,339,000 after purchasing an additional 350 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Citigroup cut their target price on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $53.08.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is currently owned by company insiders.

Corning Trading Up 2.2 %

Corning stock opened at $45.76 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $32.92 and a 12 month high of $55.33. The company’s fifty day simple moving average is $44.79 and its 200-day simple moving average is $47.53. The stock has a market cap of $39.21 billion, a P/E ratio of 78.90, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is 193.10%.

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.