Brighton Jones LLC Increases Position in Corning Incorporated $GLW

Brighton Jones LLC boosted its position 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 institutional investor owned 17,567 shares of the electronics maker’s stock after buying 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.

Other large investors also recently bought and sold shares of the company. Davis Investment Partners LLC purchased a new stake in Corning during the 2nd quarter worth approximately $251,000. Central Pacific Bank Trust Division increased its stake in Corning by 23.6% during the 2nd quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker’s stock worth $3,838,000 after buying an additional 13,920 shares in the last quarter. Strs Ohio purchased a new stake in Corning during the 1st quarter worth approximately $27,219,000. Acadian Asset Management LLC increased its stake in Corning by 4,346.5% during the 1st quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker’s stock worth $7,048,000 after buying an additional 150,521 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Corning by 8.0% during the 2nd quarter. Nordea Investment Management AB now owns 70,651 shares of the electronics maker’s stock worth $3,731,000 after buying an additional 5,227 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 2.5%

GLW opened at $89.61 on Tuesday. Corning Incorporated has a one year low of $37.31 and a one year high of $89.77. The stock has a market capitalization of $76.77 billion, a PE ratio of 95.33, a P/E/G ratio of 1.95 and a beta of 1.14. The business’s 50 day moving average price is $77.84 and its 200 day moving average price is $60.66. 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 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The firm had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.84 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

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

Insider Transactions at Corning

In related news, CEO Wendell P. Weeks sold 82,103 shares of the company’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president owned 39,759 shares in the company, valued at $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 181,671 shares of company stock valued at $11,816,899 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on GLW. Citigroup boosted their price objective on Corning from $72.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Wolfe Research began coverage on Corning in a report on Tuesday, July 8th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. boosted their target price on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. UBS Group boosted their target price on Corning from $84.00 to $91.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Corning in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $73.00.

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.