Alliancebernstein L.P. Purchases 92,809 Shares of Corning Incorporated $GLW

Key Points

• Alliancebernstein L.P. increased its stake in Corning Incorporated by 8.3% during the first quarter, now owning approximately $55 million worth of shares.
• Corning's stock has been rated with a consensus of "Moderate Buy" and has a target price of $66.75 following several recent upgrades from analysts.
• The company declared a quarterly dividend of $0.28 to be paid on September 29th, representing a 1.6% yield, despite a high payout ratio of 119.15%.

Alliancebernstein L.P. lifted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 8.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,204,732 shares of the electronics maker's stock after purchasing an additional 92,809 shares during the quarter. Alliancebernstein L.P. owned 0.14% of Corning worth $55,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Brighton Jones LLC lifted its position in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after buying an additional 2,114 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Corning during the fourth quarter worth $426,000. EP Wealth Advisors LLC raised its holdings in shares of Corning by 5.0% during the fourth quarter. EP Wealth Advisors LLC now owns 16,218 shares of the electronics maker's stock worth $771,000 after acquiring an additional 772 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Corning by 3,779,500.0% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,796 shares of the electronics maker's stock worth $1,796,000 after acquiring an additional 37,795 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Corning by 7.8% during the fourth quarter. Deutsche Bank AG now owns 2,797,924 shares of the electronics maker's stock worth $132,957,000 after acquiring an additional 202,500 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the transaction, the chief financial officer owned 78,316 shares of the company's stock, valued at approximately $4,877,520.48. The trade was a 15.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 163,950 shares of company stock worth $10,449,192. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

GLW traded up $0.42 during trading on Friday, hitting $75.89. The stock had a trading volume of 8,814,282 shares, compared to its average volume of 5,912,830. The firm has a market cap of $65.00 billion, a PE ratio of 80.66, a P/E/G ratio of 1.68 and a beta of 1.09. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $77.87. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The company has a 50 day simple moving average of $62.28 and a 200-day simple moving average of $52.29.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 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 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 period in the previous year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

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 $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is currently 119.15%.

Analyst Ratings Changes

A number of research firms have recently weighed in on GLW. Susquehanna reaffirmed a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Argus reaffirmed a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, Barclays raised their target price on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average target price of $66.75.

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.