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

Bank of Montreal Can cut its stake in Corning Incorporated (NYSE:GLW) by 18.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 733,356 shares of the electronics maker’s stock after selling 169,908 shares during the period. Bank of Montreal Can owned approximately 0.09% of Corning worth $32,906,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Tidal Investments LLC raised its holdings in Corning by 8.6% in the 1st quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock valued at $1,657,000 after acquiring an additional 3,996 shares in the last quarter. Swedbank AB acquired a new position in shares of Corning during the 1st quarter worth $788,000. Atria Investments Inc raised its holdings in shares of Corning by 9.6% during the 1st quarter. Atria Investments Inc now owns 63,353 shares of the electronics maker’s stock worth $2,088,000 after buying an additional 5,526 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Corning by 115.0% during the 1st quarter. Cetera Investment Advisers now owns 178,087 shares of the electronics maker’s stock worth $5,870,000 after buying an additional 95,245 shares in the last quarter. Finally, Cetera Advisors LLC raised its holdings in shares of Corning by 126.5% during the 1st quarter. Cetera Advisors LLC now owns 53,129 shares of the electronics maker’s stock worth $1,751,000 after buying an additional 29,669 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were 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 Trading Up 0.5 %

NYSE GLW opened at $48.22 on Friday. The business’s 50-day moving average price is $46.70 and its two-hundred day moving average price is $42.36. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The firm has a market capitalization of $41.29 billion, a PE 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 released 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 for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue was up 6.9% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s payout ratio is 658.82%.

Analyst Ratings Changes

GLW has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Barclays upped their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.