Sapient Capital LLC Invests $314,000 in Corning Incorporated (NYSE:GLW)

Sapient Capital LLC acquired a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,300 shares of the electronics maker’s stock, valued at approximately $314,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Corning by 9.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 34,571 shares of the electronics maker’s stock valued at $1,053,000 after purchasing an additional 2,969 shares during the period. Natixis Advisors L.P. lifted its stake in shares of Corning by 29.6% in the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after purchasing an additional 30,001 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Corning by 61.5% in the fourth quarter. Fisher Asset Management LLC now owns 16,747 shares of the electronics maker’s stock valued at $510,000 after purchasing an additional 6,376 shares during the period. LGT Group Foundation lifted its stake in shares of Corning by 7.0% in the fourth quarter. LGT Group Foundation now owns 245,920 shares of the electronics maker’s stock valued at $7,533,000 after purchasing an additional 16,025 shares during the period. Finally, Mission Wealth Management LP lifted its stake in shares of Corning by 10.6% in the fourth quarter. Mission Wealth Management LP now owns 14,398 shares of the electronics maker’s stock valued at $438,000 after purchasing an additional 1,382 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In related news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. In the last three months, insiders sold 119,988 shares of company stock valued at $3,984,964. Company insiders own 0.45% of the company’s stock.

Corning Stock Down 0.8 %

GLW opened at $33.44 on Tuesday. The company has a market cap of $28.65 billion, a PE ratio of 47.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The firm has a 50 day moving average price of $32.38 and a 200 day moving average price of $30.69.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 earnings per share. Sell-side analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. Corning’s dividend payout ratio (DPR) is 157.75%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Mizuho assumed coverage on shares of Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 price objective for the company. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, UBS Group boosted their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.00.

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.