Victory Capital Management Inc. Has $34.27 Million Stake in Corning Incorporated (NYSE:GLW)

Victory Capital Management Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 11.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 759,037 shares of the electronics maker’s stock after selling 100,226 shares during the quarter. Victory Capital Management Inc. owned approximately 0.09% of Corning worth $34,271,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. West Oak Capital LLC grew its holdings in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Lake Street Advisors Group LLC boosted its position in Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC grew its stake in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares in the last quarter. Grove Bank & Trust increased its position in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. raised its stake in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

NYSE:GLW opened at $46.49 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The company has a fifty day moving average price of $45.74 and a 200 day moving average price of $41.48. The stock has a market cap of $39.81 billion, a P/E ratio of 273.47, a PEG ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. Corning’s payout ratio is 658.82%.

Analyst Ratings Changes

A number of equities analysts recently commented on GLW shares. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Company Profile

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.