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

Posted by on May 15th, 2023

Van ECK Associates Corp grew its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 88.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,946 shares of the electronics maker’s stock after acquiring an additional 13,586 shares during the quarter. Van ECK Associates Corp’s holdings in Corning were worth $925,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Standard Family Office LLC acquired a new position in Corning in the third quarter valued at $29,000. CI Investments Inc. increased its stake in Corning by 981.9% in the third quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock valued at $30,000 after purchasing an additional 923 shares during the last quarter. Arcus Capital Partners LLC acquired a new position in Corning in the fourth quarter valued at $32,000. Accurate Wealth Management LLC acquired a new position in Corning in the fourth quarter valued at $39,000. Finally, Blue Bell Private Wealth Management LLC increased its stake in Corning by 64.5% in the third quarter. Blue Bell Private Wealth Management LLC now owns 1,390 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 545 shares during the last quarter. 67.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other Corning news, SVP John Z. Zhang sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $31.45, for a total transaction of $471,750.00. Following the completion of the sale, the senior vice president now owns 12,546 shares in the company, valued at approximately $394,571.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP John Z. Zhang sold 15,000 shares of Corning stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $31.45, for a total value of $471,750.00. Following the completion of the transaction, the senior vice president now owns 12,546 shares in the company, valued at approximately $394,571.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Cheryl C. Capps sold 28,574 shares of Corning stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $33.14, for a total value of $946,942.36. Following the completion of the transaction, the senior vice president now owns 100,000 shares of the company’s stock, valued at approximately $3,314,000. The disclosure for this sale can be found here. Insiders sold a total of 135,198 shares of company stock worth $4,405,084 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GLW shares. Deutsche Bank Aktiengesellschaft cut their price objective on Corning from $38.00 to $37.00 in a report on Wednesday, April 26th. Barclays cut their price objective on Corning from $35.00 to $33.00 in a report on Wednesday, April 26th. Susquehanna raised their price objective on Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a report on Thursday, February 2nd. StockNews.com started coverage on Corning in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Corning from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, April 19th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.89.

Corning Stock Performance

Shares of NYSE:GLW opened at $30.99 on Monday. Corning Incorporated has a one year low of $28.98 and a one year high of $37.73. The business’s 50-day simple moving average is $33.43 and its 200 day simple moving average is $33.86. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.84 and a current ratio of 1.44. The company has a market cap of $26.35 billion, a P/E ratio of 29.24, a PEG ratio of 2.27 and a beta of 1.06.

Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Corning had a return on equity of 13.99% and a net margin of 6.66%. The firm had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the firm earned $0.54 EPS. Corning’s quarterly revenue was down 10.1% on a year-over-year basis. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 29th. Shareholders of record on Wednesday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.61%. Corning’s dividend payout ratio (DPR) is presently 105.66%.

Corning Company Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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