4,332 Shares in Corning Incorporated $GLW Acquired by Tritonpoint Wealth LLC

Key Points

• Tritonpoint Wealth LLC has acquired 4,332 shares of Corning Incorporated for approximately $228,000.
• Several hedge funds have significantly increased their positions in Corning, with Investment Management Corp VA ADV boosting its stake by 165.9% in the first quarter.
• Corning's stock is currently rated as a "Moderate Buy" by analysts, with a consensus price target of $70.08.

Tritonpoint Wealth LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,332 shares of the electronics maker's stock, valued at approximately $228,000.

Other hedge funds have also recently made changes to their positions in the company. Investment Management Corp VA ADV boosted its position in shares of Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the period. Resources Management Corp CT ADV boosted its position in shares of Corning by 66.7% during the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after purchasing an additional 300 shares during the period. Gen Wealth Partners Inc boosted its position in shares of Corning by 151.7% during the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after purchasing an additional 455 shares during the period. Finally, Banque Transatlantique SA purchased a new position in shares of Corning during the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the sale, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jaymin Amin sold 17,721 shares of the business's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the completion of the sale, the senior vice president directly owned 88,722 shares of the company's stock, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock valued at $11,816,899 over the last quarter. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GLW shares. Argus reaffirmed a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Oppenheimer reissued an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Barclays raised their price target on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Mizuho raised their price target on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, UBS Group raised their price target on shares of Corning from $84.00 to $91.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $70.08.

Corning Stock Up 1.1%

Corning stock opened at $80.26 on Tuesday. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $81.58. 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 stock has a market cap of $68.75 billion, a PE ratio of 85.38, a P/E/G ratio of 1.77 and a beta of 1.09. The stock's fifty day moving average is $68.53 and its two-hundred day moving average is $55.04.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results 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. Corning had a return on equity of 17.27% and a net margin of 5.77%.The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same period last year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

About Corning

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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.