Kessler Investment Group LLC Sells 604 Shares of Corning Incorporated (NYSE:GLW)

Kessler Investment Group LLC cut its position in shares of Corning Incorporated (NYSE:GLW) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,042 shares of the electronics maker’s stock after selling 604 shares during the quarter. Kessler Investment Group LLC’s holdings in Corning were worth $1,047,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC grew its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares in the last quarter. Asset Planning Inc bought a new position in shares of Corning during the fourth quarter worth about $29,000. Rosenberg Matthew Hamilton boosted its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Global X Japan Co. Ltd. acquired a new position in Corning during the fourth quarter valued at approximately $40,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Corning during the fourth quarter valued at approximately $40,000. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now 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 disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock worth $2,345,436 in the last 90 days. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $52.58 on Friday. The stock has a market cap of $45.02 billion, a P/E ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. The stock has a 50 day simple moving average of $49.46 and a 200 day simple moving average of $46.19. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. Corning’s dividend payout ratio (DPR) is presently 193.11%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GLW. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.