Brighton Jones LLC Grows Stake in Corning Incorporated (NYSE:GLW)

Brighton Jones LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 46.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,705 shares of the electronics maker’s stock after acquiring an additional 2,114 shares during the period. Brighton Jones LLC’s holdings in Corning were worth $319,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. City Holding Co. lifted its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Corning in the 3rd quarter valued at $40,000. Finally, Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GLW. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

Corning Stock Performance

Shares of GLW opened at $49.53 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a 50-day simple moving average of $48.47 and a 200-day simple moving average of $45.50. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $54.53. The company has a market capitalization of $42.40 billion, a PE ratio of 291.32, a P/E/G ratio of 1.46 and a beta of 1.04.

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

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.