Delta Investment Management LLC Increases Stock Holdings in Corning Incorporated (NYSE:GLW)

Delta Investment Management LLC increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 136.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,324 shares of the electronics maker's stock after buying an additional 6,539 shares during the period. Delta Investment Management LLC's holdings in Corning were worth $538,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Corning in the fourth quarter valued at approximately $490,933,000. Polar Capital Holdings Plc purchased a new stake in Corning in the 4th quarter valued at approximately $124,253,000. Amundi lifted its stake in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Mariner LLC grew its holdings in Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after buying an additional 2,215,840 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Corning during the fourth quarter worth $92,522,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company's stock, valued at $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Stock Down 0.2%

Shares of Corning stock opened at $48.11 on Tuesday. Corning Incorporated has a twelve month low of $35.30 and a twelve month high of $55.33. The stock has a market cap of $41.20 billion, a price-to-earnings ratio of 82.95, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. 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 has a fifty day moving average price of $44.65 and a 200 day moving average price of $47.50.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The company's revenue was up 12.9% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is 215.38%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Barclays cut their target price 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. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average target price of $53.08.

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.

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