Brighton Jones LLC Raises Holdings in Corning Incorporated (GLW)

Brighton Jones LLC grew its position in Corning Incorporated (NYSE:GLW) by 17.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,649 shares of the electronics maker’s stock after purchasing an additional 1,866 shares during the period. Brighton Jones LLC’s holdings in Corning were worth $405,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Motco increased its position in Corning by 150.4% in the 4th quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after purchasing an additional 2,125 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after purchasing an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in Corning in the 2nd quarter worth about $112,000. Resources Investment Advisors Inc. boosted its stake in shares of Corning by 611.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after acquiring an additional 4,460 shares in the last quarter. Finally, Cable Hill Partners LLC boosted its stake in shares of Corning by 1,041.3% during the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after acquiring an additional 4,811 shares in the last quarter. 71.82% of the stock is currently owned by institutional investors.

Shares of Corning Incorporated (NYSE:GLW) opened at $29.24 on Wednesday. Corning Incorporated has a 52 week low of $26.32 and a 52 week high of $35.10. The firm has a market capitalization of $25,410.00, a P/E ratio of -37.01, a P/E/G ratio of 4.30 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the prior year, the company earned $0.50 EPS. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. equities analysts forecast that Corning Incorporated will post 1.67 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. This is an increase from Corning’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, February 27th. This represents a $0.72 annualized dividend and a yield of 2.46%. Corning’s dividend payout ratio is presently -78.48%.

In related news, Director Deborah Rieman sold 2,083 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the sale, the director now owns 102,896 shares in the company, valued at approximately $3,309,135.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the sale, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.

GLW has been the subject of several recent analyst reports. Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Citigroup upped their price target on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, Deutsche Bank upped their price target on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and a consensus price target of $31.47.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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