Janney Montgomery Scott LLC Has $18.27 Million Stake in Corning Incorporated (NYSE:GLW)

Janney Montgomery Scott LLC raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 6.7% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 404,686 shares of the electronics maker's stock after acquiring an additional 25,576 shares during the period. Janney Montgomery Scott LLC's holdings in Corning were worth $18,272,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. West Oak Capital LLC boosted its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock valued at $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC grew its stake in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock valued at $246,000 after buying an additional 232 shares in the last quarter. SteelPeak Wealth LLC increased its holdings in Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock worth $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust raised its position in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock worth $55,000 after acquiring an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. lifted its stake in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after acquiring an additional 250 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GLW. Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the company a "buy" rating in a report on Friday, July 12th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $50.08.

Corning Price Performance

Shares of GLW traded up $0.96 during trading hours on Wednesday, hitting $48.24. 5,073,186 shares of the company were exchanged, compared to its average volume of 5,736,017. The company has a market cap of $41.30 billion, a price-to-earnings ratio of 283.76, a P/E/G ratio of 1.51 and a beta of 1.03. The firm's fifty day moving average is $44.83 and its 200 day moving average is $40.75. Corning Incorporated has a fifty-two week low of $26.94 and a fifty-two week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the firm earned $0.45 EPS. The business's quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning's dividend payout ratio is presently 658.82%.

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.