Choate Investment Advisors Buys 477 Shares of Corning Incorporated (NYSE:GLW)

Choate Investment Advisors increased its stake in Corning Incorporated (NYSE:GLW) by 7.1% during the 4th quarter, Holdings Channel reports. The firm owned 7,236 shares of the electronics maker’s stock after purchasing an additional 477 shares during the quarter. Choate Investment Advisors’ holdings in Corning were worth $344,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Sound Income Strategies LLC grew its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new position in Corning during the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC bought a new position in Corning during the fourth quarter valued at approximately $35,000. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, 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 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $46.81 on Tuesday. The stock has a fifty day moving average of $49.85 and a 200 day moving average of $47.53. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The firm has a market capitalization of $40.09 billion, a price-to-earnings ratio of 80.70, a PEG ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.39%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on GLW shares. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.00.

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.