Jacobs & Co. CA Has $2.62 Million Stake in Corning Incorporated (NYSE:GLW)

Jacobs & Co. CA reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 20.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 58,108 shares of the electronics maker’s stock after selling 15,305 shares during the period. Jacobs & Co. CA’s holdings in Corning were worth $2,623,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Scotia Capital Inc. acquired a new position in shares of Corning in the 4th quarter worth approximately $217,000. KBC Group NV lifted its holdings in Corning by 15.6% in the fourth quarter. KBC Group NV now owns 91,340 shares of the electronics maker’s stock valued at $2,781,000 after buying an additional 12,307 shares during the period. Jones Financial Companies Lllp lifted its holdings in Corning by 22.6% in the fourth quarter. Jones Financial Companies Lllp now owns 4,904 shares of the electronics maker’s stock valued at $149,000 after buying an additional 904 shares during the period. NEOS Investment Management LLC boosted its position in Corning by 32.8% during the fourth quarter. NEOS Investment Management LLC now owns 10,864 shares of the electronics maker’s stock valued at $331,000 after acquiring an additional 2,682 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its holdings in Corning by 19.2% during the 4th quarter. Rafferty Asset Management LLC now owns 240,032 shares of the electronics maker’s stock worth $7,309,000 after acquiring an additional 38,745 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 0.8 %

GLW opened at $44.92 on Thursday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a market capitalization of $38.48 billion, a PE ratio of 63.26, a P/E/G ratio of 1.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The company’s 50-day moving average is $41.73 and its 200 day moving average is $38.23.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. UBS Group increased their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Citigroup raised their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

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.