Sentry Investment Management LLC Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Sentry Investment Management LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 17.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,318 shares of the electronics maker’s stock after selling 680 shares during the period. Sentry Investment Management LLC’s holdings in Corning were worth $129,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in GLW. Access Investment Management LLC acquired a new stake in shares of Corning in the first quarter valued at approximately $28,000. Cape Investment Advisory Inc. grew its holdings in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in Corning during the first quarter worth $33,000. Register Financial Advisors LLC acquired a new position in shares of Corning in the first quarter worth $33,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Corning in the first quarter valued at $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Oppenheimer reissued an “outperform” rating and set a $47.00 price objective (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Citigroup lifted their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. UBS Group raised their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Finally, Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average target price of $45.62.

Corning Trading Up 0.0 %

NYSE GLW opened at $41.87 on Friday. The firm has a market capitalization of $35.86 billion, a price-to-earnings ratio of 58.96, a PEG ratio of 1.57 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The company’s 50 day moving average price is $41.76 and its 200 day moving average price is $37.05.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last 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. On average, sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid 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 2.68%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

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.