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

Sentry Investment Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,998 shares of the electronics maker’s stock after selling 430 shares during the period. Sentry Investment Management LLC’s holdings in Corning were worth $122,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Natixis Advisors L.P. lifted its holdings in shares of Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC acquired a new stake in shares of Corning during the fourth quarter worth approximately $1,199,000. HB Wealth Management LLC grew its position in Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC lifted its position in Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after buying an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several recent research reports. Barclays increased their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Corning presently has a consensus rating of “Hold” and an average price target of $34.56.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

Shares of NYSE GLW opened at $30.98 on Thursday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a market cap of $26.50 billion, a P/E ratio of 46.24, a P/E/G ratio of 1.75 and a beta of 1.08. The business’s 50 day moving average is $32.35 and its two-hundred day moving average is $30.38. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Corning’s revenue was down 12.1% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is presently 167.16%.

About Corning

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.