Corning Incorporated (NYSE:GLW) Shares Purchased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 6.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 404,686 shares of the electronics maker’s stock after purchasing an additional 25,576 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Corning were worth $18,272,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. City Holding Co. increased its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Global Trust Asset Management LLC grew its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the last quarter. ESL Trust Services LLC acquired a new position in shares of Corning in the first quarter valued at approximately $33,000. Accordant Advisory Group Inc purchased a new stake in shares of Corning during the second quarter worth approximately $39,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the third quarter worth $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Corning stock opened at $47.27 on Wednesday. The firm has a market capitalization of $40.45 billion, a PE ratio of 278.06, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52 week low of $26.94 and a 52 week high of $51.03. The firm’s 50-day simple moving average is $44.71 and its 200 day simple moving average is $40.69. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Analyst Ratings Changes

A number of equities analysts have commented on GLW shares. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Citigroup increased 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. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.