7,828 Corning Incorporated $GLW Shares Sold by AdvisorNet Financial Inc

Key Points

• AdvisorNet Financial cut its Corning stake by 64.9% in the third quarter, selling 7,828 shares and retaining 4,242 shares valued at approximately $598,000.
• Despite AdvisorNet’s sale, major institutions including State Street, Bank of America and Wellington increased their positions; institutional investors collectively own 69.8% of Corning.
• Corning exceeded quarterly earnings and revenue estimates, while maintaining a $0.28 quarterly dividend. Analysts have a “Moderate Buy” consensus rating and an average price target of $177.56.

AdvisorNet Financial Inc lessened its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 64.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 4,242 shares of the electronics maker's stock after selling 7,828 shares during the period. AdvisorNet Financial Inc's holdings in Corning were worth $598,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. State Street Corp raised its stake in Corning by 13.4% during the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the period. Bank of America Corp DE grew its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock valued at $4,784,361,000 after buying an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock valued at $3,365,084,000 after buying an additional 4,446,514 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Corning during the second quarter valued at approximately $1,510,911,000. Finally, Legal & General Group Plc bought a new stake in shares of Corning during the second quarter valued at approximately $1,212,283,000. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by company insiders.

Corning Trading Down 0.1%

Shares of NYSE GLW opened at $131.93 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $154.18 and a two-hundred day simple moving average of $168.95. The firm has a market cap of $113.64 billion, a PE ratio of 60.24, a price-to-earnings-growth ratio of 1.68 and a beta of 1.13. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.02. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%. The business's revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts expect that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning's dividend payout ratio (DPR) is 51.14%.

Analysts Set New Price Targets

Several brokerages have commented on GLW. Morgan Stanley decreased their price target on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. The Goldman Sachs Group restated an "outperform" rating on shares of Corning in a research report on Tuesday, September 15th. Bank of America cut their price objective on Corning from $243.00 to $200.00 and set a "buy" rating for the company in a research report on Wednesday, July 29th. Barclays reduced their target price on Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Finally, Mizuho cut their price objective on shares of Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 15th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $177.56.

Corning Profile

Corning Incorporated NYSE: GLW is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company's products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.

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