It's been a great year for technology-focused glassmaker Corning (GLW); in those last 12 months, GLW has rallied more than 53% thanks to strong fundamental growth. But that doesn't mean that shares have gotten expensive. As I write, Corning trades with a price-to-book ratio of just 1.26.
Corning manufactures glass and ceramic substrates used in everything from smartphones to LCD screens, fiber optics, and car electronics. The firm's Gorilla Glass brand of impact-resistant glass panels has been a major growth driver in recent years, as smart phone makers have scrambled to get enough supply of protective screens for their handsets. The fact that mobile electronics are high-churn items means that demand should continue to be high for Corning in the years ahead, even as competitors try to vie for a share of the market.
Corning's acquisition of its joint venture firm Samsung Corning Precision Materials should drop the costs of materials and greatly increase LCD panel manufacturing capacity in 2014. That, in turn, should help secure another year of better-than-anticipated growth at corning.
Investors shouldn't ignore Corning this year. Shares are a lot higher, but they're still a bargain.