Corning Incorporated (GLW) Shares Bought by Victory Capital Management Inc.
Victory Capital Management Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 398.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 79,072 shares of the electronics maker’s stock after purchasing an additional 63,211 shares during the period. Victory Capital Management Inc.’s holdings in Corning were worth $2,366,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Parkside Financial Bank & Trust grew its holdings in shares of Corning by 0.3% during the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock worth $352,000 after purchasing an additional 33 shares during the last quarter. Wedbush Securities Inc. grew its holdings in shares of Corning by 0.4% during the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock worth $318,000 after purchasing an additional 41 shares during the last quarter. MAI Capital Management grew its holdings in shares of Corning by 0.6% during the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after purchasing an additional 95 shares during the last quarter. Global X Management Co. LLC grew its holdings in shares of Corning by 1.6% during the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock worth $214,000 after purchasing an additional 113 shares during the last quarter. Finally, Capital Investment Counsel Inc grew its holdings in shares of Corning by 0.3% during the second quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after purchasing an additional 137 shares during the last quarter. Institutional investors own 73.54% of the company’s stock.
Corning Incorporated (NYSE GLW) opened at $31.63 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a one year low of $23.48 and a one year high of $32.33. The company has a market capitalization of $27,488.27, a P/E ratio of 18.18, a PEG ratio of 2.63 and a beta of 1.33.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the previous year, the company posted $0.42 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. research analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 1.96%. Corning’s dividend payout ratio is currently 26.38%.
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Several equities analysts recently issued reports on the company. Goldman Sachs Group, Inc. (The) cut Corning from a “neutral” rating to a “sell” rating and decreased their price target for the company from $29.00 to $26.00 in a report on Tuesday, August 15th. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Deutsche Bank AG raised their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $29.28.
In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares in the company, valued at approximately $3,893,220.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the sale, the insider now owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock valued at $12,907,983 over the last quarter. 0.59% of the stock is currently owned by corporate insiders.
Corning Company 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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