Corning Incorporated (NYSE:GLW) Shares Sold by Sargent Investment Group LLC

Sargent Investment Group LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 37.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,085 shares of the electronics maker’s stock after selling 3,575 shares during the quarter. Sargent Investment Group LLC’s holdings in Corning were worth $236,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GLW. Grove Bank & Trust raised its position in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY increased its holdings in shares of Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC increased its holdings in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares in the last quarter. Legacy Capital Group California Inc. lifted its stake in shares of Corning by 1.0% in the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares during the period. Finally, Alaska Permanent Fund Corp boosted its holdings in Corning by 0.4% during the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after buying an additional 329 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on GLW. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Bank of America cut their price target on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. UBS Group increased their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Stock Up 0.9 %

NYSE GLW opened at $43.30 on Wednesday. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The business has a fifty day moving average price of $41.81 and a 200 day moving average price of $37.34. The company has a market cap of $37.05 billion, a P/E ratio of 60.98, a P/E/G ratio of 1.66 and a beta of 1.04.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders 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 dividend yield of 2.59%. Corning’s dividend payout ratio (DPR) 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.