Sapient Capital LLC Sells 500 Shares of Corning Incorporated (NYSE:GLW)

Sapient Capital LLC trimmed its stake in Corning Incorporated (NYSE:GLWFree Report) by 6.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,378 shares of the electronics maker’s stock after selling 500 shares during the quarter. Sapient Capital LLC’s holdings in Corning were worth $333,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. MBB Public Markets I LLC boosted its stake in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares during the period. CHURCHILL MANAGEMENT Corp bought a new stake in Corning in the 1st quarter valued at $1,708,000. Osher Van de Voorde Investment Management bought a new stake in Corning in the 1st quarter valued at $15,323,000. Finally, Central Pacific Bank Trust Division acquired a new position in Corning in the 1st quarter valued at $653,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Corning stock opened at $46.85 on Tuesday. The stock’s 50 day simple moving average is $42.52 and its two-hundred day simple moving average is $38.99. 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 stock has a market cap of $40.13 billion, a price-to-earnings ratio of 65.99, a PEG ratio of 1.72 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $47.45.

Corning (NYSE:GLWGet Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $3.55 billion. During the same period in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.39%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GLW. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Argus boosted their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Barclays boosted their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Finally, UBS Group boosted their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average target price of $47.23.

Read Our Latest Analysis on Corning

About Corning

(Free Report)

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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