Corning Incorporated $GLW Stock: GKV Capital Management Co. Inc. Grows Holdings

GKV Capital Management Co. Inc. boosted its position in Corning Incorporated (NYSE:GLW) by 30.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,801 shares of the electronics maker’s stock after acquiring an additional 7,246 shares during the quarter. Corning accounts for 1.4% of GKV Capital Management Co. Inc.’s investment portfolio, making the stock its 22nd biggest position. GKV Capital Management Co. Inc.’s holdings in Corning were worth $4,736,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Fisher Asset Management LLC lifted its stake in shares of Corning by 23.1% in the 3rd quarter. Fisher Asset Management LLC now owns 14,647 shares of the electronics maker’s stock valued at $2,252,000 after purchasing an additional 2,753 shares in the last quarter. Russell Investments Group Ltd. increased its position in Corning by 6.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 726,246 shares of the electronics maker’s stock worth $111,911,000 after purchasing an additional 42,171 shares in the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. increased its position in Corning by 77.8% during the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 1,193 shares of the electronics maker’s stock worth $183,000 after purchasing an additional 522 shares in the last quarter. Van Strum & Towne Inc. increased its position in Corning by 27.9% during the 3rd quarter. Van Strum & Towne Inc. now owns 2,431 shares of the electronics maker’s stock worth $374,000 after purchasing an additional 531 shares in the last quarter. Finally, CFM Wealth Partners LLC raised its holdings in Corning by 25.4% in the third quarter. CFM Wealth Partners LLC now owns 3,776 shares of the electronics maker’s stock valued at $581,000 after buying an additional 766 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

More Corning News

Here’s some of the latest news about GLW:

• 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 Stock Performance

Corning stock opened at $119.47 on Friday. The stock’s 50 day moving average price is $142.09 and its 200 day moving average price is $156.01. The firm has a market capitalization of $102.92 billion, a PE ratio of 38.73, a price-to-earnings-growth ratio of 1.48 and a beta of 1.23. 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 one year low of $77.39 and a one year high of $271.78.

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

Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GLW shares. Barclays lifted their price target on shares of Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 28th. UBS Group dropped their price objective on shares of Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. JPMorgan Chase & Co. cut their target price on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Finally, The Goldman Sachs Group reaffirmed an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. One research 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 company. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $172.18.

Insiders Place Their Bets

In related news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

Corning Company 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.