Van Cleef Asset Management Inc Sells 171,121 Shares of Corning Incorporated (NYSE:GLW)

Van Cleef Asset Management Inc decreased its position in shares of Corning Incorporated (NYSE:GLW) by 62.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 104,897 shares of the electronics maker’s stock after selling 171,121 shares during the quarter. Van Cleef Asset Management Inc’s holdings in Corning were worth $3,194,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Natixis Advisors L.P. raised its stake in Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC bought a new stake in Corning during the fourth quarter worth approximately $1,199,000. HB Wealth Management LLC raised its position in Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares during the period. SG Americas Securities LLC lifted its stake in shares of Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

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 shares were 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 in the company, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.40% of the company’s stock.

Corning Trading Down 0.5 %

GLW traded down $0.17 during trading on Thursday, hitting $31.35. 3,769,929 shares of the stock were exchanged, compared to its average volume of 4,688,000. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The firm has a 50 day simple moving average of $32.30 and a 200 day simple moving average of $30.43. The firm has a market cap of $26.82 billion, a price-to-earnings ratio of 46.79, a P/E/G ratio of 1.75 and a beta of 1.08. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. Corning’s dividend payout ratio is currently 167.16%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday. Barclays increased 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. JPMorgan Chase & Co. lifted their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. UBS Group upped their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $34.78.

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.