Jacobi Capital Management LLC Buys 1,020 Shares of Corning Incorporated (NYSE:GLW)

Jacobi Capital Management LLC raised its stake in Corning Incorporated (NYSE:GLW) by 11.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,212 shares of the electronics maker’s stock after acquiring an additional 1,020 shares during the quarter. Jacobi Capital Management LLC’s holdings in Corning were worth $337,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GLW. Cape Investment Advisory Inc. raised its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the period. Access Investment Management LLC bought a new position in shares of Corning during the first quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in shares of Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the period. Emfo LLC bought a new position in shares of Corning during the fourth quarter worth approximately $33,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning during the first quarter worth approximately $33,000. 69.80% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s 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 of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,207 shares of company stock valued at $5,876,067. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GLW. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $39.00 to $46.00 and gave the stock a “hold” rating in a report on Tuesday, July 9th. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, Bank of America increased their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.38.

Corning Price Performance

Corning stock traded down $0.19 during mid-day trading on Tuesday, reaching $44.12. The company had a trading volume of 925,393 shares, compared to its average volume of 5,926,416. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a market cap of $37.79 billion, a P/E ratio of 62.41, a P/E/G ratio of 1.64 and a beta of 1.05. The business has a fifty day simple moving average of $39.19 and a 200 day simple moving average of $34.59.

Corning (NYSE:GLW) last issued its earnings results 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. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business posted $0.41 earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post 1.94 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is currently 157.75%.

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.