Vanguard Personalized Indexing Management LLC Acquires 5,263 Shares of Corning Incorporated $GLW

Vanguard Personalized Indexing Management LLC grew its stake in Corning Incorporated (NYSE:GLW) by 4.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 138,006 shares of the electronics maker’s stock after purchasing an additional 5,263 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Corning were worth $11,322,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Vanguard Group Inc. increased its position in shares of Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock worth $5,151,301,000 after acquiring an additional 1,582,895 shares in the last quarter. State Street Corp raised its holdings in Corning by 1.4% during the second quarter. State Street Corp now owns 36,568,973 shares of the electronics maker’s stock worth $1,923,162,000 after acquiring an additional 509,013 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Corning by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker’s stock worth $1,018,629,000 after purchasing an additional 112,739 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock worth $724,432,000 after purchasing an additional 1,036,988 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $534,936,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $95.06 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $96.64. The company has a 50-day simple moving average of $87.91 and a two-hundred day simple moving average of $78.88. The stock has a market capitalization of $81.50 billion, a price-to-earnings ratio of 60.16, a price-to-earnings-growth ratio of 1.64 and a beta of 1.13.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Corning had a net margin of 9.16% and a return on equity of 18.12%. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Insider Buying and Selling

In related news, insider Eric S. Musser sold 100,000 shares of Corning stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $90.17, for a total value of $9,017,000.00. Following the transaction, the insider directly owned 44,926 shares of the company’s stock, valued at $4,050,977.42. The trade was a 69.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 23,142 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the transaction, the executive vice president owned 17,575 shares of the company’s stock, valued at approximately $1,565,053.75. The trade was a 56.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 156,135 shares of company stock valued at $14,088,769 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on GLW. Morgan Stanley boosted their price objective on shares of Corning from $82.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a report on Friday. Susquehanna raised their price target on Corning from $75.00 to $100.00 and gave the company a “positive” rating in a report on Wednesday, October 29th. Zacks Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a report on Friday, November 21st. Finally, Oppenheimer set a $100.00 target price on shares of Corning and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $93.36.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.