6,474 Shares in Corning Incorporated $GLW Purchased by MBB Public Markets I LLC

Key Points

• MBB Public Markets I LLC has purchased 6,474 shares of Corning Inc., valued at around $296,000, marking a significant investment in the electronics firm during the first quarter.
• Analysts are optimistic about Corning's stock, with firms like Oppenheimer and Citigroup raising their price targets to between $60.00 and $72.00, indicating a positive outlook for future growth.
• Corning recently announced a quarterly dividend of $0.28, payable at a yield of 1.5%, although its dividend payout ratio stands at a high 119.15%.

MBB Public Markets I LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,474 shares of the electronics maker's stock, valued at approximately $296,000.

Several other hedge funds also recently modified their holdings of the company. Sciencast Management LP increased its holdings in shares of Corning by 673.8% during the first quarter. Sciencast Management LP now owns 78,855 shares of the electronics maker's stock worth $3,610,000 after buying an additional 68,664 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of Corning by 4.1% during the first quarter. Fred Alger Management LLC now owns 78,102 shares of the electronics maker's stock worth $3,576,000 after buying an additional 3,086 shares in the last quarter. Resources Management Corp CT ADV increased its holdings in shares of Corning by 66.7% during the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after buying an additional 300 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Corning during the first quarter worth approximately $1,902,000. Finally, Teza Capital Management LLC acquired a new stake in shares of Corning during the first quarter worth approximately $774,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GLW. Oppenheimer restated an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Argus reissued a "buy" rating and issued a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. Citigroup boosted their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.75.

Corning Stock Up 0.8%

Shares of GLW stock opened at $75.53 on Friday. The stock has a market cap of $64.70 billion, a price-to-earnings ratio of 80.35, a PEG ratio of 1.68 and a beta of 1.09. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $77.08. The firm's 50-day moving average is $62.28 and its 200-day moving average is $52.29.

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

Corning Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.5%. Corning's dividend payout ratio is currently 119.15%.

Insider Buying and Selling

In other news, CFO Edward A. Schlesinger sold 14,082 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value 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 represents a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This represents a 29.51% 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 over the last three months. Insiders own 0.40% of the company's stock.

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.

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