Hedge Funds Are Buying Corning Incorporated (GLW)

Corning Incorporated (NYSE:GLW) has seen increased interest from one segment of the market lately.

At the moment, there are tons of metrics market participants can use to monitor the equity markets. Two of the most innovative are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the best investment managers can outclass their index-focused peers by a superb margin (see just how much).

Just as crucial, bullish insider trading activity is another way to analyze the financial markets. Just as you’d expect, there are lots of reasons for an executive to get rid of shares of his or her company, but only one, very clear reason why they would behave bullishly. Various empirical studies have demonstrated the market-beating potential of this tactic if “monkeys” know what to do (learn more here).

What’s more, we’re going to discuss the latest info about Corning Incorporated (NYSE:GLW).

How have hedgies been trading Corning Incorporated (NYSE:GLW)?

At Q2’s end, a total of 43 of the hedge funds we track were bullish in this stock, a change of 8% from one quarter earlier. With the smart money’s capital changing hands, there exists a few key hedge fund managers who were upping their holdings considerably.

Out of the hedge funds we follow, Peter Rathjens Bruce Clarke and John Campbell’s Arrowstreet Capital had the biggest position in Corning Incorporated (NYSE:GLW), worth close to $250.6 million, comprising 1.9% of its total 13F portfolio. On Arrowstreet Capital’s heels is Yacktman Asset Management, managed by Donald Yacktman, which held a $208.8 million position; the fund has 1% of its 13F portfolio invested in the stock. Other hedgies with similar optimism include Jim Simons’s Renaissance Technologies, Phill Gross and Robert Atchinson’s Adage Capital Management and Daniel Bubis’s Tetrem Capital Management.

As aggregate interest spiked, particular hedge funds were breaking ground themselves. Arrowstreet Capital, managed by Peter Rathjens Bruce Clarke and John Campbell, established the most valuable position in Corning Incorporated (NYSE:GLW). Arrowstreet Capital had 250.6 million invested in the company at the end of the quarter. Donald Yacktman’s Yacktman Asset Management also initiated a $208.8 million position during the quarter. The following funds were also among the new GLW investors: Jim Simons’s Renaissance Technologies, Phill Gross and Robert Atchinson’s Adage Capital Management, and Daniel Bubis’s Tetrem Capital Management.

What do corporate executives and insiders think about Corning Incorporated (NYSE:GLW)?

Bullish insider trading is best served when the primary stock in question has seen transactions within the past six months. Over the latest 180-day time frame, Corning Incorporated (NYSE:GLW) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

We’ll also take a look at the relationship between both of these indicators in other stocks similar to Corning Incorporated (NYSE:GLW). These stocks are Molex Incorporated (NASDAQ:MOLX), LG Display Co Ltd. (ADR) (NYSE:LPL), Amphenol Corporation (NYSE:APH), Kyocera Corporation (ADR) (NYSE:KYO), and TE Connectivity Ltd. (NYSE:TEL). This group of stocks are the members of the diversified electronics industry and their market caps resemble GLW’s market cap.