Sargent Investment Group LLC Buys 910 Shares of Corning Incorporated (NYSE:GLW)

Sargent Investment Group LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 15.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 6,995 shares of the electronics maker’s stock after acquiring an additional 910 shares during the period. Sargent Investment Group LLC’s holdings in Corning were worth $316,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. West Oak Capital LLC increased its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC grew its holdings in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust boosted its position in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. lifted its stake in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GLW. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Finally, UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Trading Up 0.4 %

NYSE GLW traded up $0.17 during trading hours on Thursday, hitting $47.38. 928,830 shares of the company’s stock were exchanged, compared to its average volume of 5,676,770. The business’s 50 day moving average is $45.51 and its 200-day moving average is $41.33. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market capitalization of $40.57 billion, a P/E ratio of 277.71, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 EPS. As a group, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Corning 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.