Reik & CO. LLC Reduces Stake in Corning Incorporated (NYSE:GLW)

Reik & CO. LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 5.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Peoples Bank KS purchased a new stake in Corning in the 3rd quarter worth approximately $25,000. OFI Invest Asset Management purchased a new position in shares of Corning in the 3rd quarter valued at approximately $25,000. Janiczek Wealth Management LLC lifted its stake in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 571 shares during the period. Pacifica Partners Inc. purchased a new position in shares of Corning in the 3rd quarter valued at approximately $28,000. Finally, SRS Capital Advisors Inc. lifted its stake in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.5 %

Shares of Corning stock traded up $0.17 on Tuesday, reaching $32.36. The company’s stock had a trading volume of 1,680,835 shares, compared to its average volume of 4,727,569. The company has a market capitalization of $27.68 billion, a price-to-earnings ratio of 48.06, a P/E/G ratio of 1.85 and a beta of 1.08. The firm’s fifty day simple moving average is $32.44 and its two-hundred day simple 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 quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

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

Corning Dividend Announcement

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

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning 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 completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on GLW. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. UBS Group raised their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Corning has an average rating of “Hold” and an average price target of $34.00.

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.