Corning Incorporated (NYSE:GLW) Position Decreased by Sentry Investment Management LLC

Sentry Investment Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 23.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,197 shares of the electronics maker’s stock after selling 656 shares during the period. Sentry Investment Management LLC’s holdings in Corning were worth $101,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Corning during the fourth quarter valued at $490,933,000. Polar Capital Holdings Plc purchased a new position in Corning in the 4th quarter worth about $124,253,000. Amundi raised its holdings in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares during the period. Mariner LLC lifted its stake in Corning by 134.0% during the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after buying an additional 2,215,840 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Corning during the fourth quarter valued at about $92,522,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now owns 9,610 shares of the company’s stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 over the last quarter. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GLW shares. Citigroup dropped their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Wall Street Zen downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. Finally, Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.08.

Corning Trading Up 0.0%

NYSE:GLW opened at $50.79 on Thursday. The company has a market capitalization of $43.50 billion, a P/E ratio of 87.57, a P/E/G ratio of 1.50 and a beta of 1.09. The stock’s 50 day moving average price is $45.07 and its 200 day moving average price is $47.63. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52 week low of $36.58 and a 52 week high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the firm earned $0.38 EPS. Corning’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.21%. Corning’s dividend payout ratio (DPR) is currently 215.38%.

Corning Company 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.