Van ECK Associates Corp Acquires 25,408 Shares of Corning Incorporated (NYSE:GLW)

Van ECK Associates Corp boosted its holdings in Corning Incorporated (NYSE:GLW) by 26.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 121,662 shares of the electronics maker’s stock after buying an additional 25,408 shares during the period. Van ECK Associates Corp’s holdings in Corning were worth $3,704,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Peoples Bank KS bought a new stake in shares of Corning during the third quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in shares of Corning during the third quarter valued at approximately $25,000. SRS Capital Advisors Inc. increased its position in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $31,000. Finally, Emfo LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $33,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Down 0.8 %

Shares of GLW opened at $33.44 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.67 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 firm has a market capitalization of $28.65 billion, a PE ratio of 47.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The stock’s fifty day simple moving average is $32.38 and its 200-day simple moving average is $30.69.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, research analysts predict that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

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

Insider Activity

In other Corning 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 value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on 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 owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders have sold 119,988 shares of company stock valued at $3,984,964 over the last 90 days. 0.45% of the stock is owned by company insiders.

Analyst Ratings Changes

GLW has been the topic of a number of research reports. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Susquehanna reiterated a “positive” rating and issued a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $34.89.

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.