Vest Financial LLC Increases Holdings in Corning Incorporated (NYSE:GLW)

Vest Financial LLC raised its stake in Corning Incorporated (NYSE:GLW) by 16.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,686 shares of the electronics maker’s stock after buying an additional 2,310 shares during the quarter. Vest Financial LLC’s holdings in Corning were worth $793,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Sound Income Strategies LLC increased 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton grew its stake in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the period. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning during the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning during the 3rd quarter valued at approximately $40,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Corning in the fourth quarter valued at approximately $40,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Corning Trading Down 1.2 %

GLW opened at $52.99 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market capitalization of $45.37 billion, a price-to-earnings ratio of 91.36, a PEG ratio of 1.55 and a beta of 1.03. The business has a fifty day moving average price of $49.22 and a 200 day moving average price of $45.94. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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 expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. 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 research report on Wednesday, October 30th. Citigroup lifted their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.