Sei Investments Co. Sells 97,171 Shares of Corning Incorporated (NYSE:GLW)

Sei Investments Co. trimmed its position in Corning Incorporated (NYSE:GLW) by 35.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 175,113 shares of the electronics maker’s stock after selling 97,171 shares during the quarter. Sei Investments Co.’s holdings in Corning were worth $6,803,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Access Investment Management LLC bought a new stake in Corning during the first quarter worth approximately $28,000. Future Financial Wealth Managment LLC bought a new stake in Corning during the first quarter worth approximately $33,000. Register Financial Advisors LLC bought a new stake in Corning during the first quarter worth approximately $33,000. ESL Trust Services LLC bought a new stake in Corning during the first quarter worth approximately $33,000. Finally, Accordant Advisory Group Inc bought a new stake in Corning during the second quarter worth approximately $39,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 0.9 %

Shares of NYSE:GLW opened at $44.87 on Monday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The stock has a market cap of $38.44 billion, a P/E ratio of 63.20, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. The business’s 50 day moving average is $41.69 and its 200 day moving average is $38.00. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. Sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. JPMorgan Chase & Co. boosted their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Wednesday, July 31st. Oppenheimer upped their target price on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Finally, Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

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.