1248 Management LLC Sells 7,168 Shares of Corning Incorporated $GLW

Key Points

• 1248 Management LLC has reduced its holdings in Corning Incorporated by 29% during the first quarter, bringing its total shares to 17,532 worth approximately $803,000.
• Corning reported earnings of $0.60 per share, exceeding estimates, with quarterly revenue of $3.86 billion, slightly above analyst expectations.
• The company announced a quarterly dividend of $0.28 per share to be paid on September 29, 2024, with a current dividend yield of 1.7%.

1248 Management LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 29.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,532 shares of the electronics maker's stock after selling 7,168 shares during the period. 1248 Management LLC's holdings in Corning were worth $803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of GLW. Polar Capital Holdings Plc acquired a new position in Corning during the fourth quarter worth $124,253,000. Nuveen LLC acquired a new position in Corning during the first quarter worth $104,789,000. Assenagon Asset Management S.A. increased its position in Corning by 101.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after buying an additional 1,483,151 shares during the last quarter. SG Americas Securities LLC increased its position in Corning by 3,441.4% during the first quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after buying an additional 1,156,746 shares during the last quarter. Finally, Deutsche Bank AG increased its position in Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after buying an additional 1,037,875 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

GLW traded up $1.39 during midday trading on Friday, reaching $71.11. 9,071,696 shares of the company's stock were exchanged, compared to its average volume of 5,294,657. The firm has a market capitalization of $60.91 billion, a price-to-earnings ratio of 75.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.09. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. Corning Incorporated has a one year low of $37.31 and a one year high of $71.40. The business has a 50-day simple moving average of $60.60 and a two-hundred day simple moving average of $51.68.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.6%. Corning's payout ratio is 119.15%.

Insider Buying and Selling

In other news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the transaction, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 completion of the transaction, the chief financial officer owned 78,316 shares of the company's stock, valued at $4,877,520.48. This trade represents a 15.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,950 shares of company stock valued at $10,449,192 in the last ninety days. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Wolfe Research began coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Mizuho raised their price target on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Argus reaffirmed a "buy" rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Finally, Morgan Stanley set a $56.00 target price on Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $66.75.

Corning Company Profile

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.