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

Hendley & Co. Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 2.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 27,066 shares of the electronics maker’s stock after selling 550 shares during the period. 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 added to or reduced their stakes in GLW. Sound Income Strategies LLC grew its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning in the fourth quarter worth $25,000. Asset Planning Inc purchased a new stake in shares of Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton raised its stake in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares in the last quarter. Finally, JFS Wealth Advisors LLC raised its stake in shares of Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after acquiring an additional 512 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 1.4 %

Shares of NYSE:GLW opened at $50.79 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market cap of $43.50 billion, a P/E ratio of 87.56, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The firm has a fifty day moving average price of $49.97 and a 200 day moving average price of $46.86.

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

Corning Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on GLW shares. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley boosted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Insider Transactions at Corning

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

Corning Company 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.