30,404 Shares in Corning Incorporated (NYSE:GLW) Purchased by Madison Investment Advisors LLC

Madison Investment Advisors LLC purchased a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,404 shares of the electronics maker’s stock, valued at approximately $1,445,000.

A number of other institutional investors also recently bought and sold shares of GLW. Sound Income Strategies LLC grew its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC purchased a new stake in Corning in the fourth quarter worth about $25,000. Asset Planning Inc purchased a new stake in Corning in the fourth quarter worth about $29,000. Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter worth about $35,000. Finally, Rosenberg Matthew Hamilton grew its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the period. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GLW. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Bank of America increased their price target on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s 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 owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Corning Stock Down 0.4 %

GLW opened at $48.49 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a market capitalization of $41.53 billion, a PE ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03. The firm’s 50 day simple moving average is $49.91 and its two-hundred day simple moving average is $47.63.

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%. As a group, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning’s payout ratio is 193.10%.

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.