Sepio Capital LP Buys Shares of 41,687 Corning Incorporated $GLW

Key Points

• Sepio Capital LP purchased 41,687 shares of Corning Incorporated for approximately $1,908,000 during the first quarter.
• Corning's recent earnings report showed an EPS of $0.60, surpassing estimates and reporting a revenue of $3.86 billion for the quarter.
• The company announced a quarterly dividend of $0.28, with a yield of 1.6%, due on September 29th for investors of record by August 29th.

Sepio Capital LP purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 41,687 shares of the electronics maker's stock, valued at approximately $1,908,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Brighton Jones LLC increased its stake in shares of Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after purchasing an additional 2,114 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Corning in the 4th quarter worth $426,000. EP Wealth Advisors LLC increased its stake in shares of Corning by 5.0% in the 4th quarter. EP Wealth Advisors LLC now owns 16,218 shares of the electronics maker's stock worth $771,000 after purchasing an additional 772 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Corning by 3,779,500.0% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,796 shares of the electronics maker's stock worth $1,796,000 after purchasing an additional 37,795 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Corning by 7.8% in the 4th quarter. Deutsche Bank AG now owns 2,797,924 shares of the electronics maker's stock worth $132,957,000 after purchasing an additional 202,500 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Argus restated a "buy" rating and issued a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Morgan Stanley set a $56.00 price target on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Susquehanna reiterated a "positive" rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Mizuho increased their price target on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $66.75.

Insider Buying and Selling

In related news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction dated Thursday, August 7th. The stock was 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. This trade represents 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 hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This represents a 29.39% 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 quarter. 0.40% of the stock is currently owned by insiders.

Corning Price Performance

Shares of Corning stock traded up $0.80 during trading on Friday, reaching $76.27. 9,696,560 shares of the stock traded hands, compared to its average volume of 5,915,156. The company has a market capitalization of $65.33 billion, a price-to-earnings ratio of 81.10, a P/E/G ratio of 1.68 and a beta of 1.09. The business has a fifty day simple moving average of $62.28 and a two-hundred day simple moving average of $52.29. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $77.87.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter last year, the business posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.5%. Corning's dividend payout ratio (DPR) is currently 119.15%.

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.