Dakota Community Bank & Trust NA Reduces Holdings in Corning Incorporated (NYSE:GLW)

Dakota Community Bank & Trust NA lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 8.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,030 shares of the electronics maker’s stock after selling 359 shares during the quarter. Dakota Community Bank & Trust NA’s holdings in Corning were worth $192,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Merit Financial Group LLC lifted its position in Corning by 24.3% during the 4th quarter. Merit Financial Group LLC now owns 10,910 shares of the electronics maker’s stock worth $518,000 after acquiring an additional 2,135 shares during the period. Avanza Fonder AB acquired a new stake in shares of Corning during the fourth quarter worth about $3,901,000. Wealthcare Advisory Partners LLC boosted its position in Corning by 12.3% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 34,027 shares of the electronics maker’s stock valued at $1,617,000 after buying an additional 3,716 shares during the last quarter. KMG Fiduciary Partners LLC increased its holdings in Corning by 8.8% in the 4th quarter. KMG Fiduciary Partners LLC now owns 48,376 shares of the electronics maker’s stock worth $2,299,000 after buying an additional 3,904 shares during the period. Finally, Empirical Asset Management LLC purchased a new position in Corning during the 4th quarter worth approximately $1,050,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $49.83 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a fifty day moving average of $47.96 and a 200 day moving average of $44.99. The firm has a market cap of $42.66 billion, a PE ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04. Corning Incorporated has a one year low of $29.82 and a one year high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $0.45 EPS. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GLW. Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.77.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

About Corning

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.