BlackRock Fund Advisors recently announced the acquisition of new stake in Corning, Inc. (NYSE:GLW). The institutional investor has increased its shareholding in the Technology company by 0.36% to 41.92 million shares with purchase of 0.15 million shares. This fresh investment now brings its stake to 4.91% valued currently at $1.28 billion. In addition, Wellington Management Co. LLP raised its holdings by 2.06 million to 28.71 million shares. And Columbia Management Investment Ad has lifted its position by 18.58% or 2.75 million shares – to 17.56 million shares.
Currently, there are 823.00M common shares owned by the public and among those 770.51M shares have been available to trade.
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Insiders at the company have transacted a total of 210 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 139 of these insider trades were purchases, accounting for 1,921,269 shares. Insider sales of the common stock occurred on 71 occasions, with total insider shares sold totaling 1,374,760 shares.
The top 3 mutual fund holders in Corning, Inc. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 24.07 million shares of the company’s stock, all valued at over $733.04 million. The company bought an additional 20558.0 shares recently to bring their total holdings to about 2.82% of the shares outstanding. Vanguard 500 Index Fund bought 41264.0 shares to see its total holdings expand to 18.75 million shares valued at over $570.91 million and representing 2.20% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.24 million shares to bring its total holdings to over 17.21 million shares at a value of $523.98 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.02% of the shares outstanding.
The company’s stock has a 5-day price change of 0.26% and 11.52% over the past three months. GLW shares are trading -0.49% year to date (YTD), with the 12-month market performance down to -15.46% lower. It has a 12-month low price of $25.26 and touched a high of $37.10 over the same period. GLW has an average intraday trading volume of 4.28 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.53%, 2.97%, and -3.15% respectively.
Institutional ownership of Corning, Inc. (NYSE: GLW) shares accounts for 69.23% of the company’s 823.00M shares outstanding. Mutual fund holders own 30.63%, while other institutional holders and individual stakeholders account for 38.92% and 1.22% respectively.
It has a market capitalization of $25.85B and a beta (3y monthly) value of 1.09. The stock’s trailing 12-month PE ratio is 44.55, while the earnings-per-share (ttm) stands at $0.68. The company has a PEG of 9.48 and a Quick Ratio of 1.08 with the debt-to-equity ratio at 0.74. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.54% over the week and 1.49% over the month.
Analysts forecast that Corning, Inc. (GLW) will achieve an EPS of $0.39 for the current quarter, $0.38 for the next quarter and $1.97 for 2024. The lowest estimate earnings-per-share for the quarter is $0.37 while analysts give the company a high EPS estimate of $0.42. Comparatively, EPS for the current quarter was $0.47 a year ago. Earnings per share for the fiscal year are expected to decrease by -18.50%, and 15.25% over the next financial year.
Looking at the support for the GLW, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on October 25, 2023, with the firm’s price target at $37-$30.
