Van ECK Associates Corp Lowers Holdings in Corning Incorporated (NYSE:GLW)

Van ECK Associates Corp trimmed its holdings in Corning Incorporated (NYSE:GLW) by 37.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,312 shares of the electronics maker’s stock after selling 61,831 shares during the period. Van ECK Associates Corp’s holdings in Corning were worth $3,975,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in GLW. Cape Investment Advisory Inc. lifted its position in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares in the last quarter. Access Investment Management LLC bought a new stake in shares of Corning in the first quarter worth about $28,000. EverSource Wealth Advisors LLC increased its holdings in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the first quarter worth about $33,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Corning in the first quarter worth about $33,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 1.4 %

Shares of NYSE GLW opened at $41.24 on Thursday. The stock has a 50 day moving average price of $41.43 and a 200 day moving average price of $36.71. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a market capitalization of $35.33 billion, a price-to-earnings ratio of 58.08, a PEG ratio of 1.62 and a beta of 1.05. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. Sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.72%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

GLW has been the topic of several research reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Barclays boosted their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Susquehanna boosted their price objective on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $45.62.

About Corning

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.