Guru Joel Greenblatt (Trades, Portfolio) increased his stake in Corning Inc. (GLW, Financial) by adding 1,067,746 shares of the company in the first quarter.
Corning was established in 1851. Today, the company is one of the leading innovators in materials science. The company has expertise in specialty glass, ceramics, and optical physics. Corning operates in five reportable segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences. The company manufactures glass substrates for liquid crystal displays (LCD), optical fiber, and equipment products for the telecommunication industry, ceramic substrates and filter products for emission control, specialty materials, and scientific laboratory products.
Corning has a market cap of $20.98 billion, a P/E ratio of 78.04, an enterprise value of $24.25 billion, a P/B ratio of 1.34 and a quick ratio of 2.23.
According to GuruFocus, Corning has a 5/10 financial strength rating with a 7/10 profitability and growth rating. The operating margin for Corning is 12.22%, ranking it above 84% of the companies in its industry.
Greenblatt may have decided to add to his stake in Corning for the following reasons:
- Over the previous 10 years, Corning has increased its revenue growth (8.8%), EBITDA growth (12.60%) free cash flow growth (21.30%) and book value growth (15.60%).
- The company's dividend yield is close to a 10-year high at 2.57%.
- Corning has a quick ratio of 2.23, ranking it above 70% of the companies in its industry.
- Corning has a P/S ratio that is close to its three-year low. The current P/S ratio for Corning is 2.64, and the three-year low is 2.41.
- Corning has 165 years of experience in its industry.
Below is a Peter Lynch Chart for Corning Inc.
Greenblatt is a graduate of The Wharton School at the University of Pennsylvania, and he is the co-chief investment officer of Gotham Asset Management, an investment firm that began in 1985 with $7 million. Today, Gotham owns 950 stocks with a total value of $8,921 million.Â
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