Corning Incorporated (NYSE:GLW) Holdings Cut by DT Investment Partners LLC

DT Investment Partners LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,838 shares of the electronics maker’s stock after selling 3,428 shares during the quarter. DT Investment Partners LLC’s holdings in Corning were worth $1,323,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Sound Income Strategies LLC grew its stake in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton lifted its holdings in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the period. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning during the 3rd quarter worth about $40,000. Finally, Union Bancaire Privee UBP SA bought a new position in Corning during the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays dropped their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. JPMorgan Chase & Co. upped their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Buying and Selling at Corning

In other news, 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 sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock valued at $2,345,436 in the last ninety days. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of GLW opened at $52.00 on Friday. The firm has a market capitalization of $44.52 billion, a PE ratio of 89.65, a PEG ratio of 1.55 and a beta of 1.03. The company’s 50-day moving average is $49.41 and its 200-day moving average is $46.15. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is currently 193.11%.

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.