J.P. Marvel Investment Advisors LLC Acquires 2,315 Shares of Corning Incorporated (NYSE:GLW)

J.P. Marvel Investment Advisors LLC lifted its holdings in Corning Incorporated (NYSE:GLW) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 258,026 shares of the electronics maker’s stock after buying an additional 2,315 shares during the quarter. Corning makes up about 2.0% of J.P. Marvel Investment Advisors LLC’s holdings, making the stock its 13th biggest holding. J.P. Marvel Investment Advisors LLC’s holdings in Corning were worth $12,261,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Sound Income Strategies LLC increased its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Asset Planning Inc purchased a new position in Corning during the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Corning in the third quarter worth $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning in the third quarter worth $40,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GLW shares. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Corning Price Performance

Shares of NYSE:GLW opened at $52.58 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $45.02 billion, a PE ratio of 90.66, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm’s 50 day moving average price is $49.52 and its 200-day moving average price is $46.23. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.11%.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock valued at $2,345,436 over the last quarter. 0.40% of the stock is currently owned by company insiders.

About Corning

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.