Town & Country Bank & Trust CO dba First Bankers Trust CO Purchases New Position in Corning Incorporated (NYSE:GLW)

Town & Country Bank & Trust CO dba First Bankers Trust CO bought a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 21,374 shares of the electronics maker’s stock, valued at approximately $1,016,000.

Other hedge funds have also recently modified their holdings of the company. Northstar Advisory Group LLC raised its position in Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after buying an additional 89,268 shares during the last quarter. Franklin Resources Inc. lifted its position in Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the period. FMR LLC boosted its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. First Financial Bank Trust Division raised its stake in Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after buying an additional 29,790 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after buying an additional 16,001 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value 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 approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated 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. Insiders own 0.40% of the company’s stock.

Corning Trading Down 8.7 %

Shares of GLW stock opened at $49.53 on Tuesday. The company has a market cap of $42.40 billion, a PE ratio of 291.32, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. 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’s 50 day simple moving average is $48.47 and its two-hundred day simple moving average is $45.50. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $54.53.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping 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 firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. UBS Group upped their price target 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 raised their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

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.