Corning Incorporated (GLW) Stake Lowered by Hendley & Co. Inc.

Hendley & Co. Inc. cut its holdings in Corning Incorporated (NYSE:GLW) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,504 shares of the electronics maker’s stock after selling 1,150 shares during the period. Corning comprises approximately 2.1% of Hendley & Co. Inc.’s portfolio, making the stock its 17th biggest holding. Hendley & Co. Inc.’s holdings in Corning were worth $3,610,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GLW. Bank of New York Mellon Corp raised its holdings in shares of Corning by 7.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 13,189,684 shares of the electronics maker’s stock worth $465,596,000 after buying an additional 941,964 shares in the last quarter. Lyrical Asset Management LP increased its holdings in shares of Corning by 3.8% in the third quarter. Lyrical Asset Management LP now owns 12,224,502 shares of the electronics maker’s stock worth $160,385,000 after buying an additional 450,939 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Corning by 2.7% in the third quarter. Dimensional Fund Advisors LP now owns 8,227,051 shares of the electronics maker’s stock worth $290,419,000 after buying an additional 214,078 shares during the period. Morgan Stanley increased its holdings in Corning by 10.4% during the 3rd quarter. Morgan Stanley now owns 6,084,855 shares of the electronics maker’s stock valued at $214,795,000 after purchasing an additional 573,273 shares during the period. Finally, TIAA CREF Investment Management LLC increased its holdings in Corning by 61.5% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 4,100,427 shares of the electronics maker’s stock valued at $144,745,000 after purchasing an additional 1,562,192 shares during the period. Institutional investors own 71.51% of the company’s stock.

Corning stock opened at $34.04 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.12 and a quick ratio of 1.51. The stock has a market cap of $26.70 billion, a PE ratio of 19.12, a PEG ratio of 1.90 and a beta of 1.21. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Corning had a return on equity of 14.21% and a net margin of 9.44%. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.02 billion. During the same quarter in the prior year, the business earned $0.49 earnings per share. The company’s revenue was up 15.1% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 2 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, February 28th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.35%. This is a boost from Corning’s previous quarterly dividend of $0.18. Corning’s dividend payout ratio (DPR) is 40.45%.

Several equities research analysts have recently commented on the company. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Wednesday, December 12th. Citigroup cut their target price on shares of Corning from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, UBS Group set a $33.00 price target on shares of Corning and gave the stock a “hold” rating in a research note on Tuesday, October 23rd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $35.50.

In other news, insider David L. Morse sold 35,701 shares of the stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $33.71, for a total value of $1,203,480.71. Following the completion of the sale, the insider now owns 47,961 shares of the company’s stock, valued at $1,616,765.31. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the company’s stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $30.68, for a total value of $613,600.00. Following the sale, the insider now owns 150,716 shares in the company, valued at approximately $4,623,966.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,009 shares of company stock worth $3,330,247. Company insiders own 0.46% of the company’s stock.

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Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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