Kentucky Trust Co Acquires Shares of 12,081 Corning Incorporated (NYSE:GLW)

Kentucky Trust Co bought a new stake in Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 12,081 shares of the electronics maker’s stock, valued at approximately $574,000.

Several other institutional investors have also modified their holdings of the stock. West Oak Capital LLC grew its holdings in Corning by 0.4% during the 3rd 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 in the last quarter. Buffington Mohr McNeal grew its holdings in Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after acquiring an additional 220 shares in the last quarter. Sound Income Strategies LLC grew its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Lake Street Advisors Group LLC grew its holdings in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares in the last quarter. Finally, Goelzer Investment Management Inc. grew its holdings in Corning by 0.4% during the 4th quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock worth $3,128,000 after acquiring an additional 236 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 1.3 %

Shares of NYSE:GLW opened at $52.35 on Wednesday. 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. The firm has a fifty day moving average price of $49.29 and a 200 day moving average price of $46.02. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 net margin of 3.86% and a return on equity of 15.10%. Sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GLW shares. JPMorgan Chase & Co. upped their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Three equities 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 company. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated 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 owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is owned by insiders.

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.