Advisors Asset Management Inc. Cuts Stake in Corning Incorporated $GLW

Key Points

• Advisors Asset Management Inc. sold 80,802 shares of Corning, reducing its stake by 14.8%, and now holds about 463,982 shares valued at $21,241,000.
• Several hedge funds have increased their positions in Corning, with Institutional investors owning 69.80% of the company's stock.
• Corning announced a quarterly dividend of $0.28 per share, reflecting a 1.6% dividend yield with a payout ratio of 119.15%.

Advisors Asset Management Inc. trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 14.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 463,982 shares of the electronics maker's stock after selling 80,802 shares during the quarter. Advisors Asset Management Inc. owned 0.05% of Corning worth $21,241,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Amundi boosted its holdings in shares of Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after buying an additional 2,507,797 shares during the period. Appaloosa LP raised its holdings in Corning by 16.2% during the 1st quarter. Appaloosa LP now owns 1,743,629 shares of the electronics maker's stock worth $79,823,000 after buying an additional 243,629 shares during the period. Federation des caisses Desjardins du Quebec increased its holdings in Corning by 104.9% during the first quarter. Federation des caisses Desjardins du Quebec now owns 41,364 shares of the electronics maker's stock worth $1,894,000 after buying an additional 21,173 shares during the last quarter. Focus Partners Advisor Solutions LLC lifted its position in Corning by 63.2% during the first quarter. Focus Partners Advisor Solutions LLC now owns 20,350 shares of the electronics maker's stock worth $932,000 after purchasing an additional 7,884 shares during the period. Finally, Graham Capital Management L.P. raised its stake in shares of Corning by 22.6% during the first quarter. Graham Capital Management L.P. now owns 169,523 shares of the electronics maker's stock valued at $7,761,000 after acquiring an additional 31,260 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity

In related news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 39,759 shares in the company, valued at $2,473,804.98. This represents a 29.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the transaction, the senior vice president directly owned 35,743 shares of the company's stock, valued at $2,228,933.48. The trade was a 29.39% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,950 shares of company stock worth $10,449,192. 0.32% of the stock is currently owned by insiders.

Corning Stock Performance

NYSE:GLW traded up $0.83 during trading hours on Monday, reaching $72.02. 3,647,477 shares of the stock were exchanged, compared to its average volume of 5,699,420. The stock has a market capitalization of $61.69 billion, a P/E ratio of 76.67, a P/E/G ratio of 1.59 and a beta of 1.09. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $72.54. 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 has a 50 day simple moving average of $60.60 and a 200-day simple moving average of $51.67.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion for 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 period in the previous year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 119.15%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Barclays lifted their target price on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Argus reaffirmed a "buy" rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Susquehanna reissued a "positive" rating and issued a $75.00 target price (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Finally, Citigroup boosted their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

Corning Company 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.