Janney Capital Management LLC Makes New $8.75 Million Investment in Corning Incorporated (NYSE:GLW)

Janney Capital Management LLC bought a new position in Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 191,081 shares of the electronics maker's stock, valued at approximately $8,748,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GLW. Tallon Kerry Patrick bought a new position in Corning in the 4th quarter valued at approximately $302,000. Van ECK Associates Corp boosted its holdings in Corning by 343.6% during the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock worth $5,433,000 after acquiring an additional 88,558 shares during the last quarter. LMR Partners LLP boosted its holdings in Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after acquiring an additional 700,442 shares during the last quarter. Assetmark Inc. boosted its holdings in Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after acquiring an additional 542 shares during the last quarter. Finally, Gotham Asset Management LLC purchased a new position in Corning during the 4th quarter worth $306,000. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the sale, the senior vice president now owns 31,505 shares of the company's stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by company insiders.

Corning Stock Down 0.1%

GLW stock traded down $0.07 during midday trading on Friday, hitting $50.42. The company's stock had a trading volume of 4,933,554 shares, compared to its average volume of 5,791,729. The company has a market cap of $43.18 billion, a PE ratio of 96.96, a P/E/G ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm's 50-day moving average is $46.89 and its 200-day moving average is $47.83.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the business earned $0.38 EPS. The company's quarterly revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. Corning's dividend payout ratio is currently 215.38%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, Citigroup cut their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $53.75.

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.