Victory Capital Management Inc. Grows Position in Corning Incorporated (NYSE:GLW)

Victory Capital Management Inc. boosted its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 254.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,298,059 shares of the electronics maker’s stock after purchasing an additional 932,034 shares during the quarter. Victory Capital Management Inc. owned about 0.15% of Corning worth $37,670,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. DNB Asset Management AS grew its holdings in Corning by 0.9% in the third quarter. DNB Asset Management AS now owns 124,532 shares of the electronics maker’s stock valued at $3,614,000 after purchasing an additional 1,094 shares during the period. Girard Partners LTD. lifted its position in Corning by 12.6% during the third quarter. Girard Partners LTD. now owns 26,177 shares of the electronics maker’s stock valued at $759,000 after buying an additional 2,936 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in Corning by 17.2% during the third quarter. Hexagon Capital Partners LLC now owns 4,597 shares of the electronics maker’s stock valued at $133,000 after buying an additional 676 shares in the last quarter. Securian Asset Management Inc. lifted its position in Corning by 0.6% during the third quarter. Securian Asset Management Inc. now owns 61,951 shares of the electronics maker’s stock valued at $1,798,000 after buying an additional 365 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in Corning by 5.2% during the second quarter. Nordea Investment Management AB now owns 511,780 shares of the electronics maker’s stock valued at $16,075,000 after buying an additional 25,482 shares in the last quarter. 67.79% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 0.3 %

GLW opened at $35.84 on Friday. The stock has a market capitalization of $30.31 billion, a PE ratio of 16.75, a P/E/G ratio of 2.48 and a beta of 1.05. The firm’s fifty day moving average price is $33.72 and its 200 day moving average price is $33.39. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.51 and a quick ratio of 0.94. Corning Incorporated has a 12-month low of $28.98 and a 12-month high of $43.47.

Corning (NYSE:GLW – Get Rating) last released its earnings results on Tuesday, October 25th. The electronics maker reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. Corning had a net margin of 12.72% and a return on equity of 15.25%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, research analysts expect that Corning Incorporated will post 2.06 EPS for the current fiscal year.

Analysts Set New Price Targets

GLW has been the topic of a number of recent research reports. Susquehanna reduced their price target on shares of Corning from $40.00 to $39.00 in a research report on Wednesday, October 26th. StockNews.com assumed coverage on shares of Corning in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. UBS Group boosted their target price on shares of Corning from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, January 11th. Susquehanna Bancshares reduced their target price on shares of Corning from $40.00 to $39.00 in a research report on Wednesday, October 26th. Finally, Morgan Stanley reduced their target price on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 13th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.55.

About Corning

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Corning, Inc develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets, laboratory products for the scientific community and specialized polymer products for biotechnology applications, advanced optical materials for the semiconductor industry and the scientific community, and other technologies.