Corning Incorporated (NYSE:GLW) Shares Sold by DT Investment Partners LLC

DT Investment Partners LLC lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 18.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,605 shares of the electronics maker's stock after selling 5,233 shares during the period. DT Investment Partners LLC's holdings in Corning were worth $1,035,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. University of Texas Texas AM Investment Management Co. boosted its position in Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after buying an additional 214 shares during the period. Seeds Investor LLC boosted its position in Corning by 3.0% in the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after buying an additional 221 shares during the period. CreativeOne Wealth LLC boosted its position in Corning by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock valued at $484,000 after buying an additional 238 shares during the period. Old North State Wealth Management LLC boosted its position in Corning by 0.6% in the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock valued at $1,836,000 after buying an additional 239 shares during the period. Finally, Colonial Trust Co SC boosted its position in Corning by 3.8% in the 4th quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock valued at $339,000 after buying an additional 258 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling

In other news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president directly owned 9,610 shares in the company, valued at $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last quarter. Corporate insiders own 0.32% of the company's stock.

Corning Stock Performance

NYSE GLW traded up $0.34 during trading on Tuesday, reaching $52.72. The company's stock had a trading volume of 4,314,283 shares, compared to its average volume of 5,511,415. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The firm has a market cap of $45.15 billion, a price-to-earnings ratio of 101.38, a P/E/G ratio of 1.41 and a beta of 1.11. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33. The business's fifty day moving average price is $49.43 and its 200-day moving average price is $48.17.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. Corning's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.12%. Corning's dividend payout ratio is presently 215.38%.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Citigroup decreased their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Morgan Stanley lifted their price objective on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Oppenheimer decreased their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Wolfe Research initiated coverage on shares of Corning in a research report on Tuesday. They set an "outperform" rating for the company. 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $53.92.

About Corning

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.