Brighton Jones LLC Buys 983 Shares of Corning Incorporated (NYSE:GLW)

Brighton Jones LLC lifted its stake in Corning Incorporated (NYSE:GLW) by 14.7% during the first quarter, Holdings Channel reports. The fund owned 7,688 shares of the electronics maker’s stock after acquiring an additional 983 shares during the quarter. Brighton Jones LLC’s holdings in Corning were worth $352,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Dynamic Advisor Solutions LLC increased its position in Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker’s stock worth $1,024,000 after buying an additional 297 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Corning by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker’s stock worth $59,558,000 after buying an additional 23,781 shares during the period. Azzad Asset Management Inc. ADV bought a new position in Corning in the 1st quarter worth approximately $3,688,000. RMR Wealth Builders increased its position in Corning by 12.6% in the 1st quarter. RMR Wealth Builders now owns 30,805 shares of the electronics maker’s stock worth $1,410,000 after buying an additional 3,438 shares during the period. Finally, NorthCrest Asset Manangement LLC increased its position in shares of Corning by 1.7% during the first quarter. NorthCrest Asset Manangement LLC now owns 43,696 shares of the electronics maker’s stock valued at $2,000,000 after purchasing an additional 745 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of NYSE:GLW opened at $50.48 on Wednesday. The business’s fifty day moving average price is $46.57 and its two-hundred day moving average price is $47.79. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The stock has a market capitalization of $43.23 billion, a price-to-earnings ratio of 97.08, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 earnings per share. As a group, analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Bank of America boosted their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.75.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of the business’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president now directly owns 31,505 shares in the company, valued at approximately $1,575,565.05. This represents a 31.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.32% of the stock is currently owned by corporate insiders.

Corning 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.