Corning Incorporated $GLW Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its stake in Corning Incorporated by 130.2%, acquiring a total of 544,124 shares valued at approximately $24.27 million.
• Wall Street analysts have increased their price targets for Corning, with Barclays and UBS Group now targeting $65.00, and Argus projecting a target price of $68.00.
• Corning announced a quarterly dividend of $0.28 per share, yielding approximately 1.7%, with a payout ratio of 119.15%.

Aberdeen Group plc increased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 130.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 544,124 shares of the electronics maker's stock after buying an additional 307,719 shares during the period. Aberdeen Group plc owned about 0.06% of Corning worth $24,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in GLW. Vermillion Wealth Management Inc. acquired a new stake in shares of Corning in the 4th quarter worth $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning in the 4th quarter worth $30,000. Investment Management Corp VA ADV increased its stake in shares of Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Corning in the 1st quarter worth $38,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 1.2%

Corning stock traded up $0.7950 during midday trading on Friday, reaching $65.6850. 3,435,071 shares of the stock traded hands, compared to its average volume of 5,973,847. The company has a 50-day simple moving average of $57.16 and a two-hundred day simple moving average of $50.60. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $66.50. The firm has a market cap of $56.27 billion, a PE ratio of 69.88, a price-to-earnings-growth ratio of 1.45 and a beta of 1.08. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (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 analysts' expectations 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 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business 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. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 119.15%.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the sale, the executive vice president owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's 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 sale, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This trade represents a 29.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,484 shares of company stock worth $12,813,804. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Mizuho raised their target price on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 target price (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Citigroup increased their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Morgan Stanley set a $56.00 price target on Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, Susquehanna reiterated a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.17.

Corning 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.