Reik & CO. LLC Sells 1,170 Shares of Corning Incorporated (NYSE:GLW)

Reik & CO. LLC trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 5.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,830 shares of the electronics maker’s stock after selling 1,170 shares during the quarter. Reik & CO. LLC’s holdings in Corning were worth $573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Federated Hermes Inc. raised its position in shares of Corning by 5.7% during the third quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock worth $176,000 after acquiring an additional 328 shares during the last quarter. Harvest Investment Advisors LLC increased its holdings in Corning by 0.9% in the second quarter. Harvest Investment Advisors LLC now owns 35,922 shares of the electronics maker’s stock worth $1,259,000 after purchasing an additional 335 shares in the last quarter. Smith Moore & CO. increased its holdings in Corning by 2.5% in the first quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock worth $514,000 after purchasing an additional 350 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Corning by 1.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 22,337 shares of the electronics maker’s stock worth $713,000 after purchasing an additional 360 shares in the last quarter. Finally, Venture Visionary Partners LLC increased its holdings in Corning by 2.0% in the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after purchasing an additional 380 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Up 0.5 %

Corning stock traded up $0.17 during trading on Tuesday, hitting $32.36. 1,680,835 shares of the company were exchanged, compared to its average volume of 4,727,569. The business’s 50 day moving average is $32.44 and its 200 day moving average is $30.32. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a market capitalization of $27.68 billion, a P/E ratio of 48.06, a PEG ratio of 1.85 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the company posted $0.47 earnings per share. Corning’s revenue was down 12.1% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.46%. Corning’s dividend payout ratio (DPR) is currently 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. Barclays lifted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. UBS Group lifted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Hold” and a consensus target price of $34.00.

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.