Sentry Investment Management LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 8.2% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 55,160 shares of the electronics maker’s stock after selling 4,928 shares during the period. Sentry Investment Management LLC’s holdings in Corning were worth $1,947,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in GLW. TRUE Private Wealth Advisors bought a new position in Corning in the 3rd quarter valued at $100,000. NEXT Financial Group Inc bought a new position in Corning in the 3rd quarter valued at $117,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Corning by 16,371.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after buying an additional 4,584 shares during the last quarter. City Holding Co. bought a new position in Corning in the 2nd quarter valued at $137,000. Finally, Smithfield Trust Co. boosted its position in Corning by 55.0% in the 2nd quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock valued at $157,000 after buying an additional 2,028 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.
A number of research analysts have commented on the company. Citigroup decreased their price objective on Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. UBS Group set a $33.00 price objective on Corning and gave the company a “hold” rating in a research report on Tuesday, October 23rd. Guggenheim reiterated a “buy” rating and issued a $41.00 price objective on shares of Corning in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, October 22nd. Finally, Argus increased their price objective on Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research report on Thursday, September 20th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $35.89.
NYSE:GLW opened at $33.56 on Friday. Corning Incorporated has a 12-month low of $26.11 and a 12-month high of $36.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.51 and a current ratio of 2.13. The firm has a market capitalization of $27.22 billion, a PE ratio of 19.51, a P/E/G ratio of 2.19 and a beta of 1.28.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period last year, the company earned $0.40 EPS. The firm’s revenue was up 15.4% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.15%. Corning’s dividend payout ratio is currently 41.86%.
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Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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