Corning Incorporated (NYSE:GLW) Shares Bought by CENTRAL TRUST Co

CENTRAL TRUST Co raised its holdings in Corning Incorporated (NYSE:GLW) by 34.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,354 shares of the electronics maker’s stock after purchasing an additional 2,638 shares during the period. CENTRAL TRUST Co’s holdings in Corning were worth $492,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. West Oak Capital LLC raised its position in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Buffington Mohr McNeal raised its position in shares of Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares in the last quarter. Sound Income Strategies LLC raised its position in shares of Corning by 76.7% during the 4th 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 in the last quarter. Lake Street Advisors Group LLC raised its position in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares in the last quarter. Finally, Goelzer Investment Management Inc. raised its position in shares of Corning by 0.4% during the 4th quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock valued at $3,128,000 after acquiring an additional 236 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was 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 trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’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 sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 over the last 90 days. 0.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on GLW. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Citigroup upped their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Trading Up 1.4 %

NYSE:GLW opened at $52.08 on Wednesday. The business has a fifty day moving average of $48.84 and a 200-day moving average of $45.71. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a market cap of $44.59 billion, a price-to-earnings ratio of 89.79, a PEG ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

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

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.