Kentucky Trust Co Invests $574,000 in Corning Incorporated (NYSE:GLW)

Kentucky Trust Co acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,081 shares of the electronics maker's stock, valued at approximately $574,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Capital Advisors Inc. OK raised its position in Corning by 2.6% in the fourth quarter. Capital Advisors Inc. OK now owns 722,501 shares of the electronics maker's stock worth $34,333,000 after acquiring an additional 18,121 shares during the period. Leavell Investment Management Inc. raised its position in Corning by 13.9% in the fourth quarter. Leavell Investment Management Inc. now owns 11,689 shares of the electronics maker's stock worth $555,000 after acquiring an additional 1,425 shares during the period. Fortress Financial Solutions LLC bought a new position in Corning in the fourth quarter worth approximately $331,000. Weatherly Asset Management L. P. raised its position in Corning by 1.8% in the fourth quarter. Weatherly Asset Management L. P. now owns 49,612 shares of the electronics maker's stock worth $2,358,000 after acquiring an additional 862 shares during the period. Finally, Stonebridge Financial Group LLC bought a new position in Corning in the fourth quarter worth approximately $3,767,000. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent research reports. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Finally, Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.00.

Corning Price Performance

GLW traded up $0.47 during trading on Friday, hitting $52.58. 3,779,586 shares of the company traded hands, compared to its average volume of 6,591,637. The company has a market cap of $45.02 billion, a PE ratio of 90.66, a P/E/G ratio of 1.55 and a beta of 1.03. The stock's 50-day simple moving average is $49.52 and its two-hundred day simple moving average is $46.23. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning's dividend payout ratio (DPR) is currently 193.11%.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock worth $2,345,436 over the last 90 days. 0.40% of the stock is owned by insiders.

About Corning

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.