Intact Investment Management Inc. Buys 68,000 Shares of Corning Incorporated (NYSE:GLW)

Intact Investment Management Inc. increased its stake in Corning Incorporated (NYSE:GLW) by 56.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Peoples Bank KS bought a new stake in Corning during the 3rd quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in shares of Corning in the third quarter valued at about $25,000. SRS Capital Advisors Inc. raised its holdings in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in Corning during the fourth quarter worth about $31,000. Finally, Emfo LLC acquired a new position in Corning during the fourth quarter valued at approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.02 during trading on Friday, reaching $31.33. 3,689,954 shares of the stock were exchanged, compared to its average volume of 3,969,842. The firm has a market cap of $26.80 billion, a PE ratio of 46.76, a PEG ratio of 1.73 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The stock has a 50-day moving average price of $32.28 and a 200-day moving average price of $30.46.

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

Corning Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GLW. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Barclays raised their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, JPMorgan Chase & Co. boosted their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $34.78.

Insider Transactions at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were 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 of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.40% of the stock is currently owned by insiders.

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.