Voya Investment Management LLC lifted its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 122.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 551,462 shares of the electronics maker’s stock after acquiring an additional 303,247 shares during the quarter. Voya Investment Management LLC’s holdings in Corning were worth $25,246,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Hawaiian Bank lifted its stake in Corning by 8.9% in the 1st quarter. First Hawaiian Bank now owns 24,437 shares of the electronics maker’s stock valued at $1,119,000 after buying an additional 1,991 shares in the last quarter. Strs Ohio purchased a new position in Corning in the 1st quarter valued at about $27,219,000. SWS Partners lifted its stake in Corning by 2.3% in the 1st quarter. SWS Partners now owns 55,462 shares of the electronics maker’s stock valued at $2,539,000 after buying an additional 1,271 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Corning by 4,346.5% in the 1st quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker’s stock valued at $7,048,000 after buying an additional 150,521 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Corning by 4.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker’s stock valued at $227,000 after buying an additional 224 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.
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Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on GLW shares. Susquehanna reaffirmed a “positive” rating and issued a $75.00 price target (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. UBS Group raised shares of Corning from a “neutral” rating to a “buy” rating and raised their price target for the company from $65.00 to $84.00 in a research note on Tuesday, September 2nd. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an “equal weight” rating in a research note on Wednesday, July 30th. Argus reaffirmed a “buy” rating and issued a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. Finally, Wall Street Zen lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.75.
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Corning Trading Up 2.1%
GLW opened at $77.03 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The company’s 50 day simple moving average is $62.75 and its two-hundred day simple moving average is $52.52. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $77.87. The firm has a market capitalization of $65.99 billion, a price-to-earnings ratio of 81.95, a price-to-earnings-growth ratio of 1.73 and a beta of 1.09.
Corning (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period last year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.
Corning Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is presently 119.15%.
Insider Activity
In other news, CFO Edward A. Schlesinger sold 14,082 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the sale, the chief financial officer owned 78,316 shares of the company’s stock, valued at approximately $4,877,520.48. The trade was a 15.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the sale, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 163,950 shares of company stock worth $10,449,192. 0.32% of the stock is owned by company insiders.
Corning Company Profile
(Free Report)
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company’s Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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