Corning Incorporated $GLW Shares Bought by GKV Capital Management Co. Inc.

GKV Capital Management Co. Inc. grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 30.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,801 shares of the electronics maker’s stock after buying an additional 7,246 shares during the quarter. Corning accounts for about 1.4% of GKV Capital Management Co. Inc.’s investment portfolio, making the stock its 22nd largest holding. GKV Capital Management Co. Inc.’s holdings in Corning were worth $4,736,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Western Pacific Wealth Management LP bought a new position in Corning during the 3rd quarter valued at $25,000. Kings Path Partners LLC bought a new stake in shares of Corning in the 3rd quarter worth about $25,000. Atwood & Palmer Inc. bought a new stake in shares of Corning in the 2nd quarter worth about $26,000. Rogco LP acquired a new stake in shares of Corning in the 2nd quarter valued at about $27,000. Finally, Toth Financial Advisory Corp raised its stake in shares of Corning by 130.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of several research analyst reports. Barclays increased their price target on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. UBS Group cut their price objective on Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Mizuho reduced their target price on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, September 15th. Finally, Citigroup reiterated a “buy” rating on shares of Corning in a research report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $172.18.

Corning Trading Down 0.8%

Corning stock opened at $119.47 on Friday. The firm’s 50-day moving average is $142.09 and its 200-day moving average is $156.01. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78. The company has a market cap of $102.92 billion, a P/E ratio of 38.73, a PEG ratio of 1.48 and a beta of 1.23.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the prior year, the firm earned $0.67 EPS. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning’s payout ratio is presently 45.34%.

Corning News Summary

These are some of the GLW news items that stood out recently:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $134 price target, citing demand for optical fiber from AI data centers. The firm sees Corning’s optical business scaling in 2028, giving investors a longer-term growth catalyst. Jefferies on AI data-center opportunity
• Positive Sentiment: Investors are also pointing to Corning’s multiyear optical agreements with Verizon and AT&T, expansion of U.S. solar manufacturing, and reported ETF buying as support for its fiber, photonics, and solar businesses. Corning ETF buying and AI demand
• Negative Sentiment: That optimism is being offset by a reported analyst downgrade and a more cautious Bernstein reassessment. Coverage described the share price as testing support after a steep recent decline, which may reinforce near-term selling pressure. Analyst views and support levels Shares decline following analyst downgrade

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.