Williams Jones Wealth Management LLC. Has $1.29 Million Stake in Corning Incorporated (NYSE:GLW)

Williams Jones Wealth Management LLC. trimmed its position in Corning Incorporated (NYSE:GLWGet Rating) by 9.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,971 shares of the electronics maker’s stock after selling 3,800 shares during the quarter. Williams Jones Wealth Management LLC.’s holdings in Corning were worth $1,291,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Islay Capital Management LLC acquired a new position in shares of Corning in the first quarter valued at $29,000. Mizuho Securities Co. Ltd. acquired a new position in Corning during the first quarter worth $31,000. Rise Advisors LLC acquired a new position in Corning during the fourth quarter worth $32,000. CVA Family Office LLC raised its stake in Corning by 589.3% during the first quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock worth $36,000 after acquiring an additional 825 shares in the last quarter. Finally, Sandy Cove Advisors LLC acquired a new position in Corning during the first quarter worth $44,000. 69.00% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Corning stock opened at $33.64 on Monday. The business’s 50-day simple moving average is $34.63 and its 200 day simple moving average is $35.14. The stock has a market cap of $28.44 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 2.32 and a beta of 1.00. Corning Incorporated has a 12-month low of $30.63 and a 12-month high of $43.47. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56.

Corning (NYSE:GLWGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. The business had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.53 earnings per share. As a group, research analysts anticipate that Corning Incorporated will post 2.23 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.21%. The ex-dividend date is Tuesday, August 30th. Corning’s dividend payout ratio is 46.35%.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the transaction, the senior vice president now owns 7,345 shares in the company, valued at $269,561.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.36% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of several recent analyst reports. Credit Suisse Group initiated coverage on Corning in a research note on Tuesday, August 16th. They set a “neutral” rating and a $36.00 price objective for the company. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Thursday. Citigroup decreased their target price on Corning from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Friday. UBS Group decreased their target price on Corning to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $45.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.64.

Corning Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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