Sargent Investment Group LLC Sells 3,575 Shares of Corning Incorporated (NYSE:GLW)

Sargent Investment Group LLC reduced its position in Corning Incorporated (NYSE:GLW) by 37.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,085 shares of the electronics maker’s stock after selling 3,575 shares during the quarter. Sargent Investment Group LLC’s holdings in Corning were worth $236,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Securities Inc. purchased a new stake in shares of Corning in the 4th quarter worth approximately $125,000. Financial Advocates Investment Management raised its stake in Corning by 15.8% in the fourth quarter. Financial Advocates Investment Management now owns 7,841 shares of the electronics maker’s stock worth $239,000 after buying an additional 1,071 shares in the last quarter. Level Four Advisory Services LLC lifted its holdings in Corning by 3.8% during the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after buying an additional 343 shares during the period. Brown Advisory Inc. boosted its position in Corning by 1.4% during the 4th quarter. Brown Advisory Inc. now owns 129,056 shares of the electronics maker’s stock valued at $3,930,000 after acquiring an additional 1,758 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Corning in the 4th quarter valued at $247,721,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GLW. Oppenheimer restated an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research report on Wednesday, July 31st. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Bank of America decreased their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $45.62.

Corning Price Performance

NYSE GLW opened at $43.30 on Wednesday. The company has a market cap of $37.05 billion, a price-to-earnings ratio of 60.98, a PEG ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock’s fifty day moving average price is $41.81 and its 200 day moving average price is $37.34. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the business earned $0.45 EPS. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

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.