Kentucky Retirement Systems Insurance Trust Fund Acquires 28,448 Shares of Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems Insurance Trust Fund increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 124.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,250 shares of the electronics maker's stock after buying an additional 28,448 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Corning were worth $2,435,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC increased its position in shares of Corning by 76.7% in 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 period. Sierra Ocean LLC bought a new position in Corning in the 4th quarter valued at about $25,000. Asset Planning Inc acquired a new position in shares of Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after acquiring an additional 500 shares during the period. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock worth $38,000 after acquiring an additional 512 shares during the period. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company's 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 transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,085 shares of company stock valued at $2,103,486. 0.40% of the stock is owned by company insiders.

Corning Trading Down 0.8 %

GLW traded down $0.41 during trading on Friday, hitting $51.46. The company's stock had a trading volume of 4,700,845 shares, compared to its average volume of 5,541,942. The firm has a market capitalization of $44.08 billion, a P/E ratio of 88.72, a PEG ratio of 1.52 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The stock's fifty day moving average price is $49.85 and its 200-day moving average price is $46.61. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, February 28th. Corning's payout ratio is 193.11%.

Wall Street Analyst Weigh In

GLW has been the subject of several research analyst reports. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Barclays lowered their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Finally, HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and raised their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $53.00.

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.