Sapient Capital LLC Has $306,000 Stock Position in Corning Incorporated (NYSE:GLW)

Sapient Capital LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 23.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,878 shares of the electronics maker’s stock after selling 2,413 shares during the quarter. Sapient Capital LLC’s holdings in Corning were worth $306,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in Corning during the 4th quarter worth approximately $4,275,000. Prime Capital Investment Advisors LLC boosted its stake in Corning by 45.4% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 14,296 shares of the electronics maker’s stock worth $435,000 after acquiring an additional 4,461 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Corning by 12.8% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 180,520 shares of the electronics maker’s stock worth $5,504,000 after acquiring an additional 20,496 shares during the last quarter. Citizens National Bank Trust Department boosted its stake in Corning by 17.9% during the 4th quarter. Citizens National Bank Trust Department now owns 33,937 shares of the electronics maker’s stock worth $1,033,000 after acquiring an additional 5,150 shares during the last quarter. Finally, Byrne Asset Management LLC boosted its stake in Corning by 5.2% during the 4th quarter. Byrne Asset Management LLC now owns 25,315 shares of the electronics maker’s stock worth $774,000 after acquiring an additional 1,245 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.40% of the stock is currently owned by company insiders.

Corning Stock Up 2.0 %

GLW traded up $0.76 during trading on Monday, reaching $39.21. 1,277,654 shares of the stock were exchanged, compared to its average volume of 6,193,830. The stock has a market cap of $33.59 billion, a P/E ratio of 54.15, a price-to-earnings-growth ratio of 1.49 and a beta of 1.05. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The stock’s 50 day moving average price is $40.44 and its two-hundred day moving average price is $35.57. 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 (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping 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 firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.86%. Corning’s payout ratio is presently 157.75%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. Oppenheimer restated an “outperform” rating and set a $47.00 target price (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $45.23.

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.