First Financial Bank Trust Division Raises Stock Position in Corning Incorporated (NYSE:GLW)

First Financial Bank Trust Division grew its position in Corning Incorporated (NYSE:GLW) by 27.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,153 shares of the electronics maker’s stock after buying an additional 29,790 shares during the period. First Financial Bank Trust Division’s holdings in Corning were worth $6,565,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. West Oak Capital LLC grew its position in Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares during the period. Lake Street Advisors Group LLC lifted its stake in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC grew its holdings in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the period. Brown Lisle Cummings Inc. increased its position in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in Corning by 1.3% in the 3rd quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock valued at $874,000 after buying an additional 251 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

Corning Stock Down 1.7 %

Shares of GLW stock traded down $0.81 during trading hours on Thursday, reaching $46.71. 5,036,933 shares of the stock were exchanged, compared to its average volume of 5,478,839. The business’s fifty day moving average is $47.92 and its two-hundred day moving average is $44.36. The firm has a market capitalization of $39.99 billion, a P/E ratio of 274.76, a P/E/G ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 12-month low of $29.71 and a 12-month 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.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. As a group, research analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GLW. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average target price of $50.77.

About Corning

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.