KAMES CAPITAL plc Buys 75,283 Shares of Corning Incorporated (GLW)

KAMES CAPITAL plc grew its stake in shares of Corning Incorporated (NYSE:GLW) by 34.0% in the fourth quarter, HoldingsChannel reports. The firm owned 296,619 shares of the electronics maker’s stock after purchasing an additional 75,283 shares during the period. KAMES CAPITAL plc’s holdings in Corning were worth $9,489,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. GLG Partners LP purchased a new position in shares of Corning in the 2nd quarter worth approximately $102,000. MPS Loria Financial Planners LLC purchased a new position in shares of Corning in the 2nd quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares during the last quarter. Harfst & Associates Inc. boosted its stake in shares of Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares during the last quarter. Finally, Cable Hill Partners LLC boosted its stake in shares of Corning by 1,041.3% in the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after buying an additional 4,811 shares during the last quarter. 72.11% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have recently weighed in on GLW. Barclays set a $38.00 target price on Corning and gave the stock a “buy” rating in a research note on Wednesday. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Friday, December 22nd. Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, December 12th. Finally, Citigroup upped their price objective on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.48.

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the sale, the insider now owns 136,032 shares in the company, valued at $4,410,157.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Deborah Rieman sold 2,083 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the sale, the director now owns 102,896 shares in the company, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 348,320 shares of company stock worth $10,996,824. Company insiders own 0.59% of the company’s stock.

Shares of Corning Incorporated (NYSE:GLW) opened at $34.66 on Friday. The stock has a market capitalization of $29,339.38, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 2.76 and a beta of 1.33. Corning Incorporated has a 12-month low of $24.13 and a 12-month high of $34.69. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. sell-side analysts forecast that Corning Incorporated will post 1.7 EPS for the current year.

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Corning Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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