Madison Investment Advisors LLC Purchases Shares of 30,404 Corning Incorporated (NYSE:GLW)

Madison Investment Advisors LLC purchased a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 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 bought and sold shares of GLW. Empowered Funds LLC increased its holdings in Corning by 2.9% in the 3rd quarter. Empowered Funds LLC now owns 17,777 shares of the electronics maker’s stock valued at $803,000 after acquiring an additional 509 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Corning in the 3rd quarter worth $106,000. Prospera Financial Services Inc purchased a new position in shares of Corning in the 3rd quarter worth $264,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Corning in the 3rd quarter worth $1,532,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Corning in the 3rd quarter worth $50,000. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Down 0.4 %

Shares of GLW opened at $48.49 on Friday. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a 50-day moving average of $49.91 and a 200 day moving average of $47.63. The firm has a market capitalization of $41.53 billion, a price-to-earnings ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

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

Corning Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on GLW. Morgan Stanley lifted their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, 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 note on Wednesday, January 29th. Four 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was 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. Company insiders own 0.45% of the company’s stock.

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.