Jacobs & Co. CA Trims Stock Position in Corning Incorporated (NYSE:GLW)

Jacobs & Co. CA trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,238 shares of the electronics maker’s stock after selling 5,870 shares during the quarter. Jacobs & Co. CA’s holdings in Corning were worth $2,482,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its holdings in Corning by 0.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,267,915 shares of the electronics maker’s stock valued at $57,246,000 after buying an additional 5,302 shares during the period. Baker Tilly Wealth Management LLC boosted its stake in Corning by 4.3% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 6,747 shares of the electronics maker’s stock valued at $321,000 after acquiring an additional 279 shares in the last quarter. Fulton Bank N.A. acquired a new stake in Corning in the fourth quarter valued at approximately $301,000. Bangor Savings Bank boosted its stake in Corning by 1.7% in the fourth quarter. Bangor Savings Bank now owns 36,695 shares of the electronics maker’s stock valued at $1,744,000 after acquiring an additional 606 shares in the last quarter. Finally, Bard Financial Services Inc. boosted its stake in Corning by 16.6% in the fourth quarter. Bard Financial Services Inc. now owns 42,125 shares of the electronics maker’s stock valued at $2,002,000 after acquiring an additional 6,000 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

GLW traded down $0.65 on Friday, reaching $47.08. The stock had a trading volume of 1,464,280 shares, compared to its average volume of 3,337,332. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The business’s 50-day moving average price is $47.94 and its two-hundred day moving average price is $44.65. The company has a market cap of $40.31 billion, a P/E ratio of 276.94, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GLW shares. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Insider Transactions at Corning

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

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.