J.P. Marvel Investment Advisors LLC Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

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

A number of other large investors have also recently made changes to their positions in GLW. Secured Retirement Advisors LLC bought a new position in Corning in the 4th quarter worth about $1,836,000. Allworth Financial LP lifted its holdings in shares of Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after buying an additional 220 shares in the last quarter. Principal Securities Inc. boosted its position in shares of Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 211 shares during the period. bLong Financial LLC purchased a new position in Corning during the fourth quarter valued at approximately $268,000. Finally, CapWealth Advisors LLC increased its holdings in Corning by 0.8% during the 4th quarter. CapWealth Advisors LLC now owns 448,880 shares of the electronics maker’s stock worth $21,331,000 after acquiring an additional 3,651 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 0.9 %

Shares of GLW opened at $52.58 on Friday. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The firm has a market cap of $45.02 billion, a price-to-earnings ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. The firm has a 50 day moving average price of $49.52 and a 200-day moving average price of $46.23. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last posted 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%. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

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

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $53.00.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock valued at $2,345,436 in the last ninety days. Company insiders own 0.40% of the company’s stock.

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.