Smartleaf Asset Management LLC significantly increased its holdings in Corning Incorporated (NYSE: GLW) 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 the electronics manufacturer’s stock after acquiring an additional 6,488 shares in the last quarter. At the close of this reporting period, Smartleaf’s holdings in Corning were valued at approximately $712,000.
Other institutional investors have also adjusted their positions in Corning recently. CVA Family Office LLC raised its stake in the company by 10.3%, owning 1,190 shares worth about $98,000 after adding 111 shares during the quarter. Similarly, Vista Investment Partners LLC increased its holdings by 1.3%, now owning 9,496 shares valued at $779,000 following the acquisition of 119 shares. Other notable increases include Sapient Capital LLC, which lifted its position by 2.2%, and Sivia Capital Partners LLC, which enhanced its holdings by 1.6%.
As of now, institutional investors hold approximately 69.80% of Corning’s stock, indicating a strong institutional interest in the company.
Market Performance and Analyst Ratings
On Wednesday, shares of Corning opened at $128.14 but experienced a decline of 2.5% during trading. The company’s stock has fluctuated significantly over the past year, with a 52-week low of $37.31 and a 52-week high of $132.50. Corning holds a market capitalization of $109.86 billion, a price-to-earnings (P/E) ratio of 69.64, and a beta of 1.13.
Recent analyst reports have impacted market sentiment regarding Corning. Morgan Stanley raised its price target from $98.00 to $103.00 while maintaining an “equal weight” rating. In contrast, Fox Advisors downgraded the stock from an “overweight” to an “equal weight” rating. Meanwhile, UBS Group reaffirmed a “buy” rating and set a price target of $125.00.
Overall, nine research analysts have rated Corning with a “Buy” recommendation, while five offered a “Hold” rating. According to MarketBeat.com, the consensus rating stands at “Moderate Buy,” with a consensus target price of $112.36.
Insider Transactions
In other developments, Corning’s Chief Financial Officer, Edward A. Schlesinger, sold 21,104 shares on January 29, 2024, at an average price of $104.55, totaling about $2.2 million. Following this transaction, Schlesinger retains 54,780 shares valued at approximately $5.73 million, marking a decrease of 27.81% in his holdings.
Additionally, Senior Vice President Li Fang sold 9,797 shares on February 4, 2024, generating a total of about $1.11 million. In the past ninety days, insiders have sold a total of 70,945 shares valued at $8.03 million, with insiders currently holding 0.32% of the company’s stock.
Corning Incorporated, headquartered in Corning, New York, is a global leader in the manufacturing of specialty glass, ceramics, and related technologies. The company supplies materials and components utilized across various industries, including consumer electronics, telecommunications, and pharmaceuticals. With a focus on materials science and precision manufacturing, Corning continues to innovate in developing high-performance glass and ceramic products that meet the evolving needs of its diverse clientele.
