Jacobi Capital Management LLC Has $337,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

Jacobi Capital Management LLC lifted its holdings in Corning Incorporated (NYSE:GLW) by 11.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,212 shares of the electronics maker’s stock after buying an additional 1,020 shares during the period. Jacobi Capital Management LLC’s holdings in Corning were worth $337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Access Investment Management LLC acquired a new stake in shares of Corning in the first quarter worth $28,000. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning during the first quarter worth $33,000. Register Financial Advisors LLC purchased a new stake in shares of Corning during the first quarter worth $33,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock traded down $0.19 during trading on Tuesday, reaching $44.12. The company’s stock had a trading volume of 925,393 shares, compared to its average volume of 5,926,416. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The business’s fifty day moving average price is $39.19 and its 200-day moving average price is $34.59. The firm has a market cap of $37.79 billion, a price-to-earnings ratio of 62.41, a price-to-earnings-growth ratio of 1.64 and a beta of 1.05. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities research analysts predict that Corning Incorporated will post 1.94 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GLW. Argus increased their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $39.00 to $46.00 and gave the stock a “hold” rating in a report on Tuesday, July 9th. Citigroup increased their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Oppenheimer reiterated an “outperform” rating and set a $50.00 price objective (up from $40.00) on shares of Corning in a report on Wednesday, July 10th. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Monday, June 17th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $43.38.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders have sold a total of 175,207 shares of company stock valued at $5,876,067 over the last three months. 0.40% of the stock is owned by corporate insiders.

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.