JFS Wealth Advisors LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

JFS Wealth Advisors LLC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 171.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 810 shares of the electronics maker’s stock after buying an additional 512 shares during the quarter. JFS Wealth Advisors LLC’s holdings in Corning were worth $38,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bleakley Financial Group LLC increased its holdings in Corning by 10.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker’s stock valued at $556,000 after acquiring an additional 1,130 shares during the last quarter. OLD National Bancorp IN grew its position in shares of Corning by 13.9% during the third quarter. OLD National Bancorp IN now owns 17,295 shares of the electronics maker’s stock valued at $781,000 after purchasing an additional 2,114 shares in the last quarter. Vest Financial LLC increased its holdings in shares of Corning by 33.9% in the third quarter. Vest Financial LLC now owns 14,376 shares of the electronics maker’s stock worth $649,000 after purchasing an additional 3,636 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Corning by 7.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock worth $1,816,000 after buying an additional 2,702 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in Corning by 4.6% during the third quarter. Whittier Trust Co. now owns 19,603 shares of the electronics maker’s stock valued at $885,000 after buying an additional 863 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on GLW. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Finally, Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Up 0.5 %

NYSE:GLW opened at $52.81 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a market cap of $45.22 billion, a PE ratio of 91.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a 50-day moving average of $49.60 and a 200 day moving average of $46.39. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.11%.

Insider Buying and Selling

In other news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock worth $2,345,436 in the last three months. 0.40% of the stock is owned by insiders.

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.