CapWealth Advisors LLC Acquires 16,761 Shares of Corning Incorporated (NYSE:GLW)

CapWealth Advisors LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 3.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 465,641 shares of the electronics maker's stock after purchasing an additional 16,761 shares during the quarter. Corning comprises 2.3% of CapWealth Advisors LLC's investment portfolio, making the stock its 15th biggest holding. CapWealth Advisors LLC owned about 0.05% of Corning worth $21,317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC lifted its position in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares in the last quarter. Assetmark Inc. lifted its position in Corning by 101.5% in the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after acquiring an additional 542 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Corning in the 4th quarter valued at about $8,996,000. Raymond James Financial Inc. bought a new position in Corning in the 4th quarter valued at about $92,522,000. Finally, PNC Financial Services Group Inc. lifted its position in Corning by 0.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 626,131 shares of the electronics maker's stock valued at $29,754,000 after acquiring an additional 1,587 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Oppenheimer dropped their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Citigroup raised their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday. Morgan Stanley raised their price target on shares of Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research report on Tuesday. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average target price of $55.73.

Insider Buying and Selling

In related news, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president directly owned 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 in the last 90 days. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of GLW stock traded down $0.68 during trading hours on Friday, hitting $51.58. 4,098,107 shares of the company were exchanged, compared to its average volume of 5,374,598. The firm has a fifty day simple moving average of $49.87 and a 200 day simple moving average of $48.26. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $37.18 and a 52-week high of $55.33. The stock has a market capitalization of $44.17 billion, a price-to-earnings ratio of 99.19, a P/E/G ratio of 1.41 and a beta of 1.11.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 215.38%.

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.