Jacobs & Co. CA Has $6.13 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Jacobs & Co. CA decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 12.4% in the 4th quarter, HoldingsChannel reports. The firm owned 201,343 shares of the electronics maker’s stock after selling 28,380 shares during the period. Jacobs & Co. CA’s holdings in Corning were worth $6,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Corning in the fourth quarter valued at about $241,456,000. Price T Rowe Associates Inc. MD boosted its position in shares of Corning by 74.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock valued at $306,278,000 after acquiring an additional 3,694,339 shares during the period. Morgan Stanley lifted its position in Corning by 26.5% during the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after purchasing an additional 2,875,197 shares during the period. BlackRock Inc. lifted its position in Corning by 5.2% during the second quarter. BlackRock Inc. now owns 58,326,630 shares of the electronics maker’s stock worth $2,043,765,000 after purchasing an additional 2,872,992 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several recent analyst reports. UBS Group upped their price objective on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. StockNews.com downgraded Corning from a “hold” rating to a “sell” rating in a research note on Sunday. Finally, Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Hold” and a consensus price target of $32.88.

Insiders Place Their Bets

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $33.02 on Thursday. The company has a market capitalization of $28.24 billion, a PE ratio of 49.28, a P/E/G ratio of 1.84 and a beta of 1.08. The company has a 50 day simple moving average of $32.05 and a two-hundred day simple moving average of $30.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 EPS. Research analysts anticipate that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Wednesday, February 28th. Corning’s payout ratio is 167.16%.

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.