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

Van Cleef Asset Management Inc reduced its position in Corning Incorporated (NYSE:GLW) by 62.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of GLW. CWM LLC lifted its stake in Corning by 3.5% in the third quarter. CWM LLC now owns 22,906 shares of the electronics maker’s stock valued at $698,000 after buying an additional 778 shares during the period. HB Wealth Management LLC boosted its stake in Corning by 13.6% during the third quarter. HB Wealth Management LLC now owns 7,945 shares of the electronics maker’s stock worth $242,000 after acquiring an additional 951 shares in the last quarter. SG Americas Securities LLC grew its holdings in Corning by 29.0% in the third quarter. SG Americas Securities LLC now owns 67,794 shares of the electronics maker’s stock worth $2,066,000 after purchasing an additional 15,229 shares during the period. Exchange Traded Concepts LLC bought a new stake in Corning in the third quarter valued at $1,903,000. Finally, Koshinski Asset Management Inc. raised its holdings in shares of Corning by 4.5% during the third quarter. Koshinski Asset Management Inc. now owns 10,512 shares of the electronics maker’s stock valued at $320,000 after purchasing an additional 451 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.17 during midday trading on Thursday, reaching $31.35. 3,769,929 shares of the company traded hands, compared to its average volume of 4,688,000. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The firm’s fifty day moving average price is $32.30 and its two-hundred day moving average price is $30.43. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $26.82 billion, a price-to-earnings ratio of 46.79, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.57%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research analyst reports. UBS Group boosted their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.78.

Insider Activity at Corning

In other Corning news, 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 transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is owned by corporate insiders.

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.