Hendley & Co. Inc. Trims Stake in Corning Incorporated (NYSE:GLW)

Hendley & Co. Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,066 shares of the electronics maker’s stock after selling 550 shares during the quarter. Hendley & Co. Inc.’s holdings in Corning were worth $1,286,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Corning by 7.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock valued at $1,816,000 after buying an additional 2,702 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Corning by 1,780.0% in the third quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock valued at $11,198,000 after acquiring an additional 234,817 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in Corning in the third quarter worth $269,000. Lake Street Advisors Group LLC lifted its holdings in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Corning by 1.3% in the 3rd quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after purchasing an additional 251 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Citigroup lifted their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays lowered their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Trading Down 1.4 %

Shares of Corning stock opened at $50.79 on Tuesday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm’s 50-day moving average price is $49.97 and its 200 day moving average price is $46.86. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $43.50 billion, a PE ratio of 87.56, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.21%. Corning’s payout ratio is 193.10%.

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.