Corning Incorporated (NYSE:GLW) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLWFree Report) by 13.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 330,051 shares of the electronics maker’s stock after selling 53,489 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Corning were worth $10,050,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. SRS Capital Advisors Inc. increased its position in shares of Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in Corning during the fourth quarter worth about $31,000. Emfo LLC acquired a new stake in shares of Corning during the fourth quarter valued at about $33,000. CGC Financial Services LLC raised its stake in shares of Corning by 807.7% in the 4th quarter. CGC Financial Services LLC now owns 1,180 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 1,050 shares during the period. Finally, Wetzel Investment Advisors Inc. acquired a new position in shares of Corning in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.4 %

GLW stock opened at $35.35 on Friday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company’s 50 day moving average price is $32.73 and its 200 day moving average price is $31.15. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market capitalization of $30.28 billion, a price-to-earnings ratio of 49.79, a PEG ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLWGet Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion for 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 company’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the business earned $0.41 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.17%. Corning’s payout ratio is currently 157.75%.

Insider Activity

In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 239,841 shares of company stock worth $7,971,257. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several research reports. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. UBS Group boosted their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Mizuho began coverage on Corning in a research note on Tuesday, May 7th. They set a “neutral” rating and a $36.00 target price on the stock. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.00.

Read Our Latest Analysis on GLW

Corning Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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