Bank of Nova Scotia Trust Co. acquired a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,460 shares of the electronics maker’s stock, valued at approximately $163,000.

Several other large investors have also recently made changes to their positions in GLW. GLG Partners LP purchased a new position in shares of Corning in the second quarter worth about $102,000. MPS Loria Financial Planners LLC purchased a new position in Corning during the second quarter valued at approximately $112,000. Benjamin F. Edwards & Company Inc. raised its position in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after acquiring an additional 2,650 shares in the last quarter. Harfst & Associates Inc. raised its position in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after acquiring an additional 1,481 shares in the last quarter. Finally, Grove Bank & Trust raised its position in Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after acquiring an additional 1,265 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Shares of Corning Incorporated (NYSE:GLW) traded up $0.62 on Monday, reaching $32.35. The company’s stock had a trading volume of 4,271,400 shares, compared to its average volume of 6,163,605. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a one year low of $24.12 and a one year high of $32.78. The firm has a market capitalization of $28,114.01, a price-to-earnings ratio of 18.59, a P/E/G ratio of 2.69 and a beta of 1.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same period last year, the company earned $0.42 earnings per share. Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.92%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is currently 26.38%.

GLW has been the subject of several recent research reports. Deutsche Bank lifted their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Jefferies Group reiterated a “hold” rating and set a $29.50 price target on shares of Corning in a research report on Friday, October 6th. Finally, Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Corning has an average rating of “Hold” and an average price target of $29.28.

In other news, Director Hansel E. Tookes II sold 6,513 shares of Corning stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total value of $205,810.80. Following the sale, the director now directly owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last three months, insiders sold 294,561 shares of company stock worth $9,254,498. 0.59% of the stock is owned by corporate insiders.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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