City Holding Co. Acquires 1,455 Shares of Corning Incorporated (NYSE:GLW)

City Holding Co. grew its holdings in Corning Incorporated (NYSE:GLW) by 204.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,165 shares of the electronics maker’s stock after acquiring an additional 1,455 shares during the quarter. City Holding Co.’s holdings in Corning were worth $103,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GLW. West Oak Capital LLC raised its position in shares of 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 raised its holdings in Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares during the period. Grove Bank & Trust boosted its position in Corning by 14.6% during the fourth quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock worth $88,000 after purchasing an additional 237 shares in the last quarter. SteelPeak Wealth LLC boosted its position in Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares in the last quarter. Finally, Brown Lisle Cummings Inc. increased its position in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after buying an additional 250 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GLW. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays upped their price target 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. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Corning Price Performance

Corning stock opened at $49.83 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.66 billion, a P/E ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04. The company has a 50-day moving average price of $47.96 and a 200 day moving average price of $45.08. Corning Incorporated has a 12-month low of $29.82 and a 12-month high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the company posted $0.45 EPS. Corning’s revenue was up 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated 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 directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

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.