J.P. Marvel Investment Advisors LLC Boosts Stake in Corning Incorporated (NYSE:GLW)

J.P. Marvel Investment Advisors LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 1.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 255,711 shares of the electronics maker’s stock after acquiring an additional 2,970 shares during the period. Corning makes up 1.9% of J.P. Marvel Investment Advisors LLC’s investment portfolio, making the stock its 14th largest position. J.P. Marvel Investment Advisors LLC’s holdings in Corning were worth $11,545,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after buying an additional 426,864 shares in the last quarter. Natixis lifted its holdings in shares of Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares during the last quarter. Raymond James & Associates grew its position in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after acquiring an additional 42,818 shares in the last quarter. Finally, National Pension Service increased its stake in Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after acquiring an additional 152,922 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.0 %

GLW opened at $48.23 on Friday. Corning Incorporated has a one year low of $26.94 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50 day simple moving average of $44.83 and a two-hundred day simple moving average of $40.75. The firm has a market capitalization of $41.29 billion, a price-to-earnings ratio of 283.68, a PEG ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Analyst Ratings Changes

GLW has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.08.

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.