Janney Montgomery Scott LLC Has $20.51 Million Position in Corning Incorporated (NYSE:GLW)

Janney Montgomery Scott LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 447,924 shares of the electronics maker's stock after buying an additional 30,293 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.05% of Corning worth $20,506,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new stake in Corning in the 4th quarter valued at about $302,000. Van ECK Associates Corp increased its position in Corning by 343.6% in the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock valued at $5,433,000 after buying an additional 88,558 shares in the last quarter. LMR Partners LLP increased its position in Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after buying an additional 700,442 shares in the last quarter. Assetmark Inc. increased 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 buying an additional 542 shares in the last quarter. Finally, Gotham Asset Management LLC bought a new stake in Corning in the 4th quarter valued at about $306,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Soumya Seetharam sold 14,313 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the sale, the senior vice president now directly 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 quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on GLW. Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. dropped their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.75.

Corning Trading Down 0.1%

Shares of Corning stock opened at $50.43 on Thursday. The company's fifty day simple moving average is $46.71 and its 200-day simple moving average is $47.81. The stock has a market capitalization of $43.19 billion, a PE ratio of 96.98, a P/E/G ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

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 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 business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter last year, the company posted $0.38 EPS. The company's revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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

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.

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