Van ECK Associates Corp Raises Stake in Corning Incorporated (NYSE:GLW)

Van ECK Associates Corp grew its stake in shares of Corning Incorporated (NYSE:GLW) by 26.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 121,662 shares of the electronics maker’s stock after purchasing an additional 25,408 shares during the period. Van ECK Associates Corp’s holdings in Corning were worth $3,704,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Little House Capital LLC acquired a new position in shares of Corning during the 4th quarter worth $200,000. Intact Investment Management Inc. raised its stake in shares of Corning by 56.2% during the 4th quarter. Intact Investment Management Inc. now owns 189,100 shares of the electronics maker’s stock worth $5,758,000 after buying an additional 68,000 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Corning by 6.3% during the 4th quarter. Russell Investments Group Ltd. now owns 256,807 shares of the electronics maker’s stock worth $7,837,000 after buying an additional 15,283 shares during the last quarter. Headlands Technologies LLC acquired a new position in Corning in the 4th quarter valued at about $51,000. Finally, Bryn Mawr Capital Management LLC acquired a new position in Corning in the 4th quarter valued at about $339,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. UBS Group boosted their target price 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 target price for the company. in a research note on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays boosted 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, Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $34.89.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,988 shares of company stock worth $3,984,964. 0.45% of the stock is currently owned by company insiders.

Corning Trading Down 0.8 %

NYSE GLW opened at $33.44 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a market cap of $28.65 billion, a P/E ratio of 47.10, a P/E/G ratio of 1.71 and a beta of 1.07. The company has a 50-day moving average of $32.38 and a 200-day moving average of $30.69.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities analysts predict that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is currently 157.75%.

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.