Corning Incorporated (NYSE:GLW) Shares Acquired by JFS Wealth Advisors LLC

JFS Wealth Advisors LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 171.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 810 shares of the electronics maker’s stock after acquiring an additional 512 shares during the quarter. JFS Wealth Advisors LLC’s holdings in Corning were worth $38,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Northstar Advisory Group LLC increased its stake in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after acquiring an additional 62,514 shares during the period. FMR LLC increased its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the period. Fifth Third Bancorp lifted its position in Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after acquiring an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division grew its stake in Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after purchasing an additional 29,790 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on GLW shares. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock 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 company a “neutral” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Performance

Shares of GLW stock opened at $52.81 on Wednesday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The business’s 50 day moving average is $49.60 and its two-hundred day moving average is $46.39. The company has a market capitalization of $45.22 billion, a P/E ratio of 91.06, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results 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 return on equity of 15.10% and a net margin of 3.86%. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 46,085 shares of company stock worth $2,345,436. 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.