Van ECK Associates Corp Has $5.43 Million Stock Position in Corning Incorporated (NYSE:GLW)

Van ECK Associates Corp raised its holdings in Corning Incorporated (NYSE:GLW) by 343.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 114,330 shares of the electronics maker’s stock after purchasing an additional 88,558 shares during the quarter. Van ECK Associates Corp’s holdings in Corning were worth $5,433,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of GLW. Wellington Management Group LLP grew its holdings in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares during the last quarter. State Street Corp lifted its holdings in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after acquiring an additional 38,168 shares during the last quarter. FMR LLC grew its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the period. Finally, Stifel Financial Corp raised its position in shares of Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after acquiring an additional 52,667 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock valued at $2,345,436 over the last three months. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Trading Up 0.5 %

Shares of Corning stock opened at $52.81 on Wednesday. The company’s 50-day moving average price is $49.60 and its 200-day moving average price is $46.39. The company has a market cap of $45.22 billion, a price-to-earnings ratio of 91.06, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is 193.11%.

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.