Allspring Global Investments Holdings LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 26.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,763 shares of the electronics maker's stock after selling 14,386 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Corning were worth $2,091,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Forte Capital LLC ADV boosted its stake in shares of Corning by 2.4% in the second quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker's stock valued at $419,000 after purchasing an additional 190 shares during the period. Smith Salley Wealth Management boosted its stake in shares of Corning by 3.3% in the second quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker's stock valued at $330,000 after purchasing an additional 200 shares during the period. Leigh Baldwin & CO. LLC boosted its stake in shares of Corning by 1.7% in the first quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock valued at $573,000 after purchasing an additional 210 shares during the period. Old North State Wealth Management LLC boosted its stake in shares of Corning by 0.5% in the second quarter. Old North State Wealth Management LLC now owns 40,325 shares of the electronics maker's stock valued at $2,121,000 after purchasing an additional 218 shares during the period. Finally, Harbour Investments Inc. boosted its stake in shares of Corning by 2.4% in the first quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock valued at $434,000 after purchasing an additional 224 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.
Corning Stock Performance
Shares of GLW opened at $86.18 on Wednesday. The firm has a 50-day moving average price of $76.15 and a 200 day moving average price of $59.25. The firm has a market capitalization of $73.82 billion, a PE ratio of 91.68, a P/E/G ratio of 1.90 and a beta of 1.14. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $87.78.
Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the prior year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.
Corning Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, November 14th. Corning's dividend payout ratio is currently 119.15%.
Insider Transactions at Corning
In other news, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Jaymin Amin sold 17,721 shares of the firm's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the transaction, the senior vice president owned 88,722 shares of the company's stock, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,671 shares of company stock worth $11,816,899 over the last ninety days. Insiders own 0.32% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. Argus reaffirmed a "buy" rating and issued a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. Susquehanna reaffirmed a "positive" rating and issued a $75.00 price target (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Corning in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.
Check Out Our Latest Report on Corning
Corning Company Profile
(
Free Report)
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.
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