Van Cleef Asset Management Inc raised its stake in shares of Corning Incorporated (NYSE:GLW) by 6.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 208,731 shares of the electronics maker’s stock after acquiring an additional 12,415 shares during the period. Corning makes up 1.6% of Van Cleef Asset Management Inc’s investment portfolio, making the stock its 20th biggest holding. Van Cleef Asset Management Inc’s holdings in Corning were worth $6,909,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Private Advisor Group LLC raised its position in shares of Corning by 11.0% in the 1st quarter. Private Advisor Group LLC now owns 39,579 shares of the electronics maker’s stock worth $1,308,000 after buying an additional 3,910 shares during the period. Dynamic Technology Lab Private Ltd raised its position in shares of Corning by 145.4% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 40,453 shares of the electronics maker’s stock worth $1,339,000 after buying an additional 23,966 shares during the period. MainStreet Investment Advisors LLC raised its position in Corning by 10.5% in the first quarter. MainStreet Investment Advisors LLC now owns 12,988 shares of the electronics maker’s stock valued at $429,000 after purchasing an additional 1,238 shares during the period. AlphaCrest Capital Management LLC purchased a new position in Corning in the first quarter valued at about $1,459,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Corning in the first quarter valued at about $506,000. 70.59% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on the company. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective on the stock in a research report on Wednesday, May 1st. Finally, ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $36.33.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period last year, the firm earned $0.31 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a $0.20 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a yield of 2.41%. Corning’s payout ratio is currently 44.94%.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the transaction, the vice president now directly owns 66,369 shares in the company, valued at $2,113,188.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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