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

Victory Capital Management Inc. trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 11.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 759,037 shares of the electronics maker’s stock after selling 100,226 shares during the quarter. Victory Capital Management Inc.’s holdings in Corning were worth $34,271,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. City Holding Co. boosted its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Accordant Advisory Group Inc bought a new position in shares of Corning during the second quarter valued at $39,000. Global Trust Asset Management LLC boosted its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 3rd quarter worth about $45,000. Finally, Venturi Wealth Management LLC increased its position in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Down 0.6 %

Shares of 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. The stock has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a P/E/G ratio of 1.51 and a beta of 1.03. The company has a 50 day moving average of $45.74 and a 200-day moving average of $41.48. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS 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 company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 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 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. Corning’s payout ratio is currently 658.82%.

About Corning

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.