OLD Second National Bank of Aurora Boosts Holdings in Corning Incorporated (NYSE:GLW)

OLD Second National Bank of Aurora increased its stake in shares of Corning Incorporated (NYSE:GLW) by 2.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 37,932 shares of the electronics maker’s stock after buying an additional 857 shares during the quarter. OLD Second National Bank of Aurora’s holdings in Corning were worth $1,803,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. OLD National Bancorp IN increased its holdings in Corning by 4.0% during the fourth quarter. OLD National Bancorp IN now owns 17,994 shares of the electronics maker’s stock worth $855,000 after buying an additional 699 shares during the last quarter. Hanson & Doremus Investment Management increased its stake in shares of Corning by 1.7% in the fourth quarter. Hanson & Doremus Investment Management now owns 144,934 shares of the electronics maker’s stock worth $6,887,000 after purchasing an additional 2,434 shares in the last quarter. Valicenti Advisory Services Inc. increased its stake in shares of Corning by 19.2% in the fourth quarter. Valicenti Advisory Services Inc. now owns 156,821 shares of the electronics maker’s stock worth $7,452,000 after purchasing an additional 25,305 shares in the last quarter. R Squared Ltd purchased a new position in shares of Corning in the fourth quarter worth about $77,000. Finally, Stonegate Investment Group LLC purchased a new position in shares of Corning in the fourth quarter worth about $208,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 2.5 %

Shares of Corning stock opened at $49.97 on Thursday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The firm has a market cap of $42.78 billion, a PE ratio of 293.93, a PEG 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 company has a 50 day simple moving average of $48.62 and a two-hundred day simple moving average of $45.57.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. Analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GLW. Morgan Stanley lifted 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. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on 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. Company insiders own 0.40% of the company’s stock.

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.