OLD National Bancorp IN Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

OLD National Bancorp IN increased its stake in Corning Incorporated (NYSE:GLW) by 4.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,994 shares of the electronics maker’s stock after purchasing an additional 699 shares during the quarter. OLD National Bancorp IN’s holdings in Corning were worth $855,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in shares of Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after buying an additional 133,214 shares during the last quarter. State Street Corp boosted its position in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after purchasing an additional 38,168 shares during the period. FMR LLC increased its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Finally, Stifel Financial Corp lifted its stake in shares of Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after purchasing an additional 52,667 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s 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 legal filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on 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 have sold a total of 16,085 shares of company stock valued at $787,836 in the last quarter. 0.40% of the stock is currently owned by insiders.

Corning Stock Performance

GLW opened at $52.11 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market capitalization of $44.61 billion, a price-to-earnings ratio of 89.84, a PEG ratio of 1.35 and a beta of 1.04. The company has a fifty day moving average of $48.71 and a 200 day moving average of $45.63. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

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, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.01% and a net margin of 3.86%. As a group, sell-side analysts forecast that Corning Incorporated will post 2.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on GLW shares. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus 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.