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

City Holding Co. increased its position in Corning Incorporated (NYSE:GLW) by 204.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,165 shares of the electronics maker’s stock after acquiring an additional 1,455 shares during the period. City Holding Co.’s holdings in Corning were worth $103,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GLW. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Corning by 6.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 42,040 shares of the electronics maker’s stock worth $1,633,000 after purchasing an additional 2,667 shares during the period. Pacer Advisors Inc. increased its holdings in Corning by 24.2% during the second quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock valued at $2,788,000 after buying an additional 14,004 shares during the last quarter. Summit Trail Advisors LLC raised its position in Corning by 60.3% in the second quarter. Summit Trail Advisors LLC now owns 13,160 shares of the electronics maker’s stock worth $511,000 after acquiring an additional 4,948 shares during the period. Hancock Whitney Corp purchased a new position in shares of Corning during the 2nd quarter worth $211,000. Finally, Profund Advisors LLC grew its position in shares of Corning by 7.1% during the 2nd quarter. Profund Advisors LLC now owns 15,593 shares of the electronics maker’s stock valued at $606,000 after acquiring an additional 1,036 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.2 %

Shares of GLW opened at $49.83 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market capitalization of $42.66 billion, a price-to-earnings ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 1 year low of $29.82 and a 1 year high of $51.03. The business’s 50 day simple moving average is $47.96 and its 200-day simple moving average is $45.08.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.45 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GLW shares. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays increased their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

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.