Madison Investment Advisors LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Madison Investment Advisors LLC bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 30,404 shares of the electronics maker's stock, valued at approximately $1,445,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Thompson Siegel & Walmsley LLC purchased a new position in shares of Corning during the fourth quarter valued at approximately $202,000. PGGM Investments purchased a new position in shares of Corning during the 4th quarter worth $741,000. Balboa Wealth Partners boosted its holdings in shares of Corning by 62.3% during the fourth quarter. Balboa Wealth Partners now owns 9,515 shares of the electronics maker's stock worth $452,000 after purchasing an additional 3,652 shares during the last quarter. HBK Sorce Advisory LLC purchased a new stake in shares of Corning in the fourth quarter valued at $253,000. Finally, Appaloosa LP purchased a new stake in shares of Corning in the fourth quarter valued at $71,280,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Barclays dropped 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. Citigroup lifted their price target on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Finally, Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.31.

Remove Ads

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The shares were 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Stock Down 1.8 %

Shares of GLW traded down $0.92 during trading on Tuesday, reaching $48.97. The company's stock had a trading volume of 4,027,548 shares, compared to its average volume of 5,506,704. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. 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 company has a market cap of $41.95 billion, a price-to-earnings ratio of 84.43, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a fifty day moving average of $50.01 and a two-hundred day moving average of $47.83.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.29%. Corning's dividend payout ratio (DPR) is 193.10%.

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.