Kentucky Trust Co Makes New Investment in Corning Incorporated (NYSE:GLW)

Kentucky Trust Co bought a new position in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 12,081 shares of the electronics maker’s stock, valued at approximately $574,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares in the last quarter. State Street Corp grew its stake in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after acquiring an additional 38,168 shares in the last quarter. FMR LLC grew its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in shares of Corning by 1.9% during the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock valued at $126,893,000 after purchasing an additional 52,667 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,085 shares of company stock valued at $2,345,436. Insiders own 0.40% of the company’s stock.

Corning Trading Down 1.3 %

NYSE GLW opened at $52.35 on Wednesday. The company has a fifty day simple moving average of $49.29 and a two-hundred day simple moving average of $46.02. The stock has a market cap of $44.82 billion, a P/E ratio of 90.25, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. HSBC upgraded shares of 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus 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.