4,337 Shares in Corning Incorporated $GLW Acquired by Taylor Financial Group Inc.

Taylor Financial Group Inc. purchased a new position in Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,337 shares of the electronics maker’s stock, valued at approximately $228,000.

A number of other large investors also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after acquiring an additional 2,114 shares during the last quarter. GAMMA Investing LLC lifted its holdings 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 valued at $520,000 after acquiring an additional 2,567 shares during the last quarter. Bessemer Group Inc. lifted its holdings 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 valued at $1,294,000 after acquiring an additional 3,372 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings 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 valued at $1,313,000 after acquiring an additional 1,248 shares during the last quarter. Finally, Diversified Trust Co raised its position in Corning by 28.4% during the first quarter. Diversified Trust Co now owns 15,865 shares of the electronics maker’s stock valued at $726,000 after purchasing an additional 3,509 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Jaymin Amin sold 17,721 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the completion of the transaction, the senior vice president directly owned 88,722 shares of the company’s stock, valued at approximately $6,847,563.96. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the completion of the transaction, the chief executive officer owned 809,295 shares of the company’s stock, valued at $52,757,941.05. This represents a 9.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 181,671 shares of company stock valued at $11,816,899. 0.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Argus reiterated a “buy” rating and set a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. Citigroup raised their price objective on Corning from $72.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Susquehanna reissued a “positive” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, UBS Group upped their target price on Corning from $84.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Corning Stock Performance

NYSE:GLW opened at $89.61 on Tuesday. The company’s 50-day moving average is $77.84 and its two-hundred day moving average is $60.66. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The firm has a market capitalization of $76.77 billion, a price-to-earnings ratio of 95.33, a PEG ratio of 1.95 and a beta of 1.14. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $89.77.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders 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 dividend payout ratio (DPR) is presently 119.15%.

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.