DT Investment Partners LLC Sells 3,428 Shares of Corning Incorporated (NYSE:GLW)

DT Investment Partners LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 11.0% in the 4th quarter, HoldingsChannel.com reports. 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 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GLW. CWM LLC increased its stake in Corning by 18.0% during the 3rd quarter. CWM LLC now owns 25,756 shares of the electronics maker’s stock valued at $1,163,000 after purchasing an additional 3,929 shares in the last quarter. Swedbank AB boosted its holdings in Corning by 60.2% during the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock worth $1,730,000 after acquiring an additional 14,403 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Corning by 5.4% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 125,349 shares of the electronics maker’s stock worth $5,660,000 after acquiring an additional 6,450 shares during the last quarter. Alliance Wealth Advisors LLC purchased a new position in Corning during the 3rd quarter worth $337,000. Finally, Culbertson A N & Co. Inc. boosted its holdings in Corning by 1.9% during the 3rd quarter. Culbertson A N & Co. Inc. now owns 91,759 shares of the electronics maker’s stock worth $4,143,000 after acquiring an additional 1,700 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on GLW shares. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley boosted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Three 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 company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Buying and Selling at Corning

In other Corning news, 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 transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the 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 of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock worth $2,345,436 over the last ninety days. Insiders own 0.40% of the company’s stock.

Corning Stock Down 0.0 %

GLW stock opened at $52.00 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $49.41 and its 200 day moving average is $46.15. The stock has a market cap of $44.52 billion, a price-to-earnings ratio of 89.65, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

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

Corning Dividend Announcement

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

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.