Adage Capital Partners GP L.L.C. Cuts Stock Position in Corning Incorporated $GLW

Key Points

• Adage Capital Partners has reduced its stake in Corning Incorporated by 2.3%, now holding 703,521 shares valued at approximately $32.21 million.
• Several hedge funds acquired new stakes in Corning, with a total of 69.80% of the stock now owned by institutional investors.
• Corning's stock received multiple analysts' upgrades, including a target price increase from UBS Group from $65.00 to $84.00, indicating positive market sentiment.

Adage Capital Partners GP L.L.C. cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 703,521 shares of the electronics maker's stock after selling 16,400 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.08% of Corning worth $32,207,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in shares of Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after purchasing an additional 80,872 shares in the last quarter. Invesco Ltd. grew its position in shares of Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after purchasing an additional 288,328 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Corning by 6.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock valued at $251,190,000 after purchasing an additional 303,607 shares in the last quarter. Deutsche Bank AG grew its position in shares of Corning by 37.1% in the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after purchasing an additional 1,037,875 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Corning by 101.0% in the first quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after purchasing an additional 1,483,151 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the transaction, the executive vice president 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president 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. Insiders have sold a total of 163,950 shares of company stock worth $10,449,192 over the last three months. 0.32% of the stock is owned by corporate insiders.

Corning Trading Up 3.5%

Shares of NYSE GLW traded up $2.57 during midday trading on Wednesday, reaching $74.96. The company had a trading volume of 4,433,922 shares, compared to its average volume of 5,777,719. Corning Incorporated has a one year low of $37.31 and a one year high of $74.88. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The firm's fifty day moving average price is $61.38 and its 200-day moving average price is $51.96. The stock has a market cap of $64.21 billion, a PE ratio of 79.74, a price-to-earnings-growth ratio of 1.62 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last released its 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. The company 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 in the previous year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.5%. Corning's dividend payout ratio is presently 119.15%.

Analyst Ratings Changes

Several research firms recently commented on GLW. Citigroup boosted their target price on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Barclays boosted their target price on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. UBS Group upgraded Corning from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $65.00 to $84.00 in a research report on Tuesday, September 2nd. Finally, Morgan Stanley set a $56.00 price objective on Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. One 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 MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

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.