Kera Capital Partners Inc. Invests $6.79 Million in Corning Incorporated (NYSE:GLW)

Kera Capital Partners Inc. purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 142,784 shares of the electronics maker’s stock, valued at approximately $6,785,000. Corning makes up about 2.0% of Kera Capital Partners Inc.’s holdings, making the stock its 15th largest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV lifted its position in shares of Corning by 0.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 172,668 shares of the electronics maker’s stock valued at $6,708,000 after buying an additional 1,371 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in Corning by 19.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 73,631 shares of the electronics maker’s stock worth $2,859,000 after acquiring an additional 11,958 shares during the period. Blair William & Co. IL lifted its holdings in Corning by 1.5% during the second quarter. Blair William & Co. IL now owns 223,289 shares of the electronics maker’s stock valued at $8,675,000 after purchasing an additional 3,207 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of Corning by 6.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 42,040 shares of the electronics maker’s stock valued at $1,633,000 after purchasing an additional 2,667 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Corning by 24.2% during the second quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock worth $2,788,000 after purchasing an additional 14,004 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 1.2 %

Shares of NYSE:GLW opened at $49.83 on Friday. The business has a 50-day moving average price of $47.96 and a 200 day moving average price of $45.03. Corning Incorporated has a 12-month low of $29.82 and a 12-month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $42.66 billion, a price-to-earnings ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm earned $0.45 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred 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 Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’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 sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

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.