Brighton Jones LLC Boosts Stake in Corning Incorporated $GLW

Brighton Jones LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 128.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,567 shares of the electronics maker’s stock after purchasing an additional 9,879 shares during the period. Brighton Jones LLC’s holdings in Corning were worth $924,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GLW. GAMMA Investing LLC boosted its position in shares of Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock worth $520,000 after purchasing an additional 2,567 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Corning by 13.6% in the 1st quarter. Bessemer Group Inc. now owns 28,252 shares of the electronics maker’s stock worth $1,294,000 after purchasing an additional 3,372 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Corning by 4.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 28,687 shares of the electronics maker’s stock worth $1,313,000 after purchasing an additional 1,248 shares in the last quarter. Diversified Trust Co boosted its position in shares of Corning by 28.4% in the 1st quarter. Diversified Trust Co now owns 15,865 shares of the electronics maker’s stock worth $726,000 after purchasing an additional 3,509 shares in the last quarter. Finally, Joel Isaacson & Co. LLC boosted its position in shares of Corning by 4.2% in the 1st quarter. Joel Isaacson & Co. LLC now owns 20,270 shares of the electronics maker’s stock worth $928,000 after purchasing an additional 825 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $89.61 on Tuesday. The stock has a 50-day simple moving average of $77.84 and a two-hundred day simple moving average of $60.66. The firm has a market capitalization of $76.77 billion, a P/E ratio of 95.33, a PEG ratio of 1.95 and a beta of 1.14. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $89.77. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter last year, the business posted $0.47 EPS. On average, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, November 14th. Corning’s payout ratio is currently 119.15%.

Insider Transactions at Corning

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the transaction, the chief operating officer owned 64,838 shares in the company, valued at $4,036,813.88. The trade was a 35.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president owned 39,759 shares of the company’s stock, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock worth $11,816,899 over the last quarter. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Oppenheimer reaffirmed an “outperform” rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Susquehanna reaffirmed a “positive” rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Wall Street Zen cut Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Argus reaffirmed a “buy” rating and set a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Corning Company 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.