Corning Incorporated (NYSE:GLW) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 74.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,772 shares of the electronics maker’s stock after selling 76,540 shares during the quarter. Van ECK Associates Corp’s holdings in Corning were worth $1,208,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. City Holding Co. boosted its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. ESL Trust Services LLC bought a new position in Corning in the 1st quarter worth about $33,000. Accordant Advisory Group Inc acquired a new stake in shares of Corning in the second quarter valued at approximately $39,000. Global Trust Asset Management LLC raised its holdings in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the third quarter worth approximately $45,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GLW shares. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

GLW opened at $48.92 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.89 billion, a PE ratio of 286.59, a P/E/G ratio of 1.56 and a beta of 1.03. The business has a fifty day simple moving average of $45.10 and a 200-day simple moving average of $41.05. Corning Incorporated has a fifty-two week low of $27.41 and a fifty-two week high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.29%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

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.