Corning Incorporated (NYSE:GLW) Stock Position Lowered by DT Investment Partners LLC

DT Investment Partners LLC lessened its position in Corning Incorporated (NYSE:GLW) by 1.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,340 shares of the electronics maker’s stock after selling 439 shares during the period. DT Investment Partners LLC’s holdings in Corning were worth $1,044,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Cibc World Market Inc. raised its stake in shares of Corning by 22.1% in the 1st quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after buying an additional 11,884 shares in the last quarter. Prudential PLC bought a new stake in shares of Corning in the 1st quarter worth $588,000. Sequoia Financial Advisors LLC raised its stake in shares of Corning by 15.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after buying an additional 1,062 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares during the period. Finally, Baird Financial Group Inc. raised its position in shares of Corning by 24.4% during the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after purchasing an additional 140,098 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.2 %

GLW stock traded up $0.36 during mid-day trading on Friday, hitting $31.27. The stock had a trading volume of 4,636,555 shares, compared to its average volume of 4,059,459. 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 Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a fifty day moving average of $32.31 and a 200 day moving average of $30.39. The stock has a market capitalization of $26.75 billion, a price-to-earnings ratio of 46.67, a PEG ratio of 1.71 and a beta of 1.08.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share 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 company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period in the prior year, the firm posted $0.47 EPS. The business’s revenue was down 12.1% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group boosted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. boosted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $34.56.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.40% of the stock is currently owned by insiders.

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.