Corning Incorporated (NYSE:GLW) Shares Sold by Sentry Investment Management LLC

Sentry Investment Management LLC reduced its position in Corning Incorporated (NYSE:GLW) by 17.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,318 shares of the electronics maker’s stock after selling 680 shares during the period. Sentry Investment Management LLC’s holdings in Corning were worth $129,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LPL Financial LLC grew its stake in Corning by 10.4% during the 2nd quarter. LPL Financial LLC now owns 1,085,095 shares of the electronics maker’s stock valued at $42,156,000 after purchasing an additional 102,418 shares in the last quarter. Kinsale Capital Group Inc. boosted its stake in shares of Corning by 22.1% during the 2nd quarter. Kinsale Capital Group Inc. now owns 118,347 shares of the electronics maker’s stock valued at $4,598,000 after buying an additional 21,417 shares during the last quarter. Coldstream Capital Management Inc. increased its stake in shares of Corning by 0.7% in the second quarter. Coldstream Capital Management Inc. now owns 64,783 shares of the electronics maker’s stock worth $2,517,000 after buying an additional 465 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Corning by 9.9% in the second quarter. Daiwa Securities Group Inc. now owns 86,870 shares of the electronics maker’s stock valued at $3,375,000 after acquiring an additional 7,830 shares in the last quarter. Finally, Levin Capital Strategies L.P. bought a new position in Corning during the 2nd quarter valued at $481,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Monday, June 17th. UBS Group boosted their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Barclays upped their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Finally, Susquehanna lifted their price objective on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Stock Performance

GLW opened at $41.87 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $41.76 and its 200-day moving average is $37.05. The stock has a market cap of $35.86 billion, a PE ratio of 58.96, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the business earned $0.45 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. Corning’s dividend payout ratio is presently 157.75%.

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.