Kinsale Capital Group Inc. Acquires 14,253 Shares of Corning Incorporated (NYSE:GLW)

Kinsale Capital Group Inc. boosted its holdings in Corning Incorporated (NYSE:GLW) by 10.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,221 shares of the electronics maker’s stock after purchasing an additional 14,253 shares during the period. Corning comprises about 1.9% of Kinsale Capital Group Inc.’s portfolio, making the stock its 19th largest holding. Kinsale Capital Group Inc.’s holdings in Corning were worth $7,139,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC grew its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the period. State Street Corp grew its position in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC grew its position in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after acquiring an additional 1,145,955 shares during the period. Conning Inc. grew its position in shares of Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after acquiring an additional 875,008 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in shares of Corning by 223.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock valued at $40,719,000 after acquiring an additional 592,187 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $50.25 on Friday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a 50-day simple moving average of $50.18 and a two-hundred day simple moving average of $47.10. The stock has a market capitalization of $43.04 billion, a price-to-earnings ratio of 86.63, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping 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%. Analysts forecast 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. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.23%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s 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. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on GLW shares. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup raised their target price 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, Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.