Bank of Montreal Can Has $32.91 Million Stock Position in Corning Incorporated (NYSE:GLW)

Bank of Montreal Can reduced its position in shares of Corning Incorporated (NYSE:GLW) by 18.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 733,356 shares of the electronics maker’s stock after selling 169,908 shares during the quarter. Bank of Montreal Can’s holdings in Corning were worth $32,906,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. City Holding Co. raised its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the period. Accordant Advisory Group Inc acquired a new position in Corning during the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning in the third quarter worth approximately $39,000. Global Trust Asset Management LLC raised its stake 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 purchasing an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the third quarter worth approximately $45,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Price Performance

Shares of NYSE GLW opened at $48.22 on Friday. The stock has a fifty day simple moving average of $46.70 and a two-hundred day simple moving average of $42.36. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The firm has a market cap of $41.29 billion, a price-to-earnings ratio of 283.65, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the company earned $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. Analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Analysts Set New Price Targets

Several analysts have recently commented on GLW shares. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

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.