Jacobs & Co. CA Sells 28,380 Shares of Corning Incorporated (NYSE:GLW)

Jacobs & Co. CA lowered its position in Corning Incorporated (NYSE:GLW) by 12.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 201,343 shares of the electronics maker’s stock after selling 28,380 shares during the quarter. Jacobs & Co. CA’s holdings in Corning were worth $6,130,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Corning in the fourth quarter worth $241,456,000. Price T Rowe Associates Inc. MD grew its position in Corning by 74.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock worth $306,278,000 after acquiring an additional 3,694,339 shares in the last quarter. Morgan Stanley grew its position in Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after acquiring an additional 2,875,197 shares in the last quarter. BlackRock Inc. grew its position in Corning by 5.2% in the second quarter. BlackRock Inc. now owns 58,326,630 shares of the electronics maker’s stock worth $2,043,765,000 after acquiring an additional 2,872,992 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. StockNews.com lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Sunday. UBS Group upped their price target on shares of Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Corning has an average rating of “Hold” and an average price target of $32.88.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $33.02 on Thursday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a 50 day moving average price of $32.05 and a 200-day moving average price of $30.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a market capitalization of $28.24 billion, a PE ratio of 49.28, a PEG ratio of 1.84 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the company posted $0.47 earnings per share. Equities analysts predict that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.39%. Corning’s dividend payout ratio (DPR) is 167.16%.

Corning Company 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.