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

Victory Capital Management Inc. cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 11.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 759,037 shares of the electronics maker's stock after selling 100,226 shares during the period. Victory Capital Management Inc. owned 0.09% of Corning worth $34,271,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in GLW. West Oak Capital LLC lifted its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock worth $2,328,000 after buying an additional 215 shares during the period. Lake Street Advisors Group LLC boosted its position in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock worth $246,000 after acquiring an additional 232 shares during the last quarter. SteelPeak Wealth LLC grew its holdings 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 during the period. Grove Bank & Trust boosted its holdings in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after acquiring an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. lifted its position in Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

GLW has been the topic of a number of recent research reports. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research note on Friday, September 20th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Barclays raised their price target on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.08.

Corning Trading Down 0.6 %

Shares of NYSE:GLW traded down $0.28 during midday trading on Friday, reaching $46.49. The company had a trading volume of 3,655,835 shares, compared to its average volume of 5,084,251. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The company has a fifty day simple moving average of $45.74 and a two-hundred day simple moving average of $41.53. The firm has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $3.72 billion. During the same period in the prior year, the firm earned $0.45 EPS. Corning's quarterly revenue was up 6.9% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given 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 yield of 2.41%. Corning's payout ratio is 658.82%.

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.