Smartleaf Asset Management LLC significantly increased its stake in Corning Incorporated (NYSE:GLW), raising its holdings by an impressive 272.7% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns 8,867 shares of Corning’s stock, having purchased an additional 6,488 shares in that period. At the close of this reporting period, Smartleaf’s investment in Corning was valued at approximately $712,000.
Other institutional investors also adjusted their positions in Corning. CVA Family Office LLC raised its stake by 10.3%, bringing its total to 1,190 shares worth $98,000 after acquiring an additional 111 shares. Vista Investment Partners LLC increased its holdings by 1.3%, owning 9,496 shares valued at $779,000 following a purchase of 119 shares. Additionally, Sapient Capital LLC and Sivia Capital Partners LLC lifted their positions by 2.2% and 1.6%, respectively.
The trend among hedge funds indicates a strong institutional interest, with institutional investors collectively owning 69.80% of Corning’s stock.
Market Performance and Analyst Ratings
As of January 29, 2024, Corning’s stock opened at $128.14, reflecting a 2.5% decline. Over the past year, shares have fluctuated between a low of $37.31 and a high of $132.50. Corning’s market capitalization stands at approximately $109.86 billion, with a price-to-earnings (P/E) ratio of 69.64 and a beta of 1.13. The company has demonstrated solid financial health, with a quick ratio of 1.04 and a debt-to-equity ratio of 0.62.
Multiple analysts have recently reviewed Corning’s stock, resulting in a mix of upgrades and downgrades. On January 29, 2024, Morgan Stanley raised its price target for Corning from $98.00 to $103.00, maintaining an “equal weight” rating. Conversely, Fox Advisors downgraded the stock from “overweight” to “equal weight.” Meanwhile, UBS Group reaffirmed a “buy” rating with a target price of $125.00, and Wolfe Research set a price objective of $130.00, designating it as “outperform.” Currently, nine analysts rate Corning as a “buy,” while five assign a “hold” rating, resulting in a consensus rating of “moderate buy” and a target price of $112.36, according to MarketBeat.com.
Insider Activity
Recent insider transactions have also drawn attention. Corning’s Chief Financial Officer, Edward A. Schlesinger, sold 21,104 shares on January 29, 2024, at an average price of $104.55, totaling approximately $2.21 million. After this transaction, Schlesinger’s remaining shares amounted to 54,780, valued at around $5.73 million, marking a 27.81% decrease in his position.
Additionally, Li Fang, Senior Vice President, sold 9,797 shares on February 4, 2024, for approximately $1.11 million. In total, insiders have sold 70,945 shares worth about $8.03 million over the last three months, while insider ownership currently stands at 0.32%.
Company Overview
Corning Incorporated is a leading global manufacturer based in Corning, New York, specializing in specialty glass, ceramics, and related materials. The company provides engineered materials and components across various sectors, including consumer electronics, telecommunications, automotive emissions control, pharmaceuticals, and industrial applications. Corning is renowned for its materials science expertise and precision manufacturing, producing high-performance glass and ceramics used in display technology, optical fibers, and telecommunication networks.
As the market continues to evolve, the focus remains on how institutional investments and insider activity will influence Corning’s stock performance and strategic direction in the coming quarters.
