AlphaQuest LLC Raises Stock Position in Corning Incorporated $GLW

Key Points

• AlphaQuest LLC has significantly increased its investment in Corning Incorporated by acquiring an additional 18,906 shares, raising its total holdings by 210.7% to 27,878 shares valued at approximately $1.276 million.
• Recent insider transactions include SVP Michael Paul O'day and CFO Edward A. Schlesinger selling shares, with insiders collectively selling 211,484 shares valued over $12.8 million in the last quarter.
• Corning's stock has seen a 1.2% increase, with analysts projecting an average target price of $65.17 and a consensus "Moderate Buy" rating.

AlphaQuest LLC grew its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 210.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,878 shares of the electronics maker's stock after acquiring an additional 18,906 shares during the period. AlphaQuest LLC's holdings in Corning were worth $1,276,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LMR Partners LLP raised its stake in shares of Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after acquiring an additional 700,442 shares during the last quarter. Gotham Asset Management LLC bought a new position in shares of Corning during the fourth quarter valued at about $306,000. GAMMA Investing LLC raised its stake in shares of Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after acquiring an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Corning by 1.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after acquiring an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Corning by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after acquiring an additional 23,781 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Barclays increased their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Oppenheimer reissued an "outperform" rating and issued a $72.00 price target (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Mizuho increased their price target on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One research 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. According to data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Corning Stock Up 1.1%

Shares of NYSE GLW traded up $0.72 on Tuesday, reaching $67.50. 5,419,065 shares of the company's stock traded hands, compared to its average volume of 5,902,013. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $67.68. The business's 50 day simple moving average is $57.82 and its two-hundred day simple moving average is $50.78. The company has a market cap of $57.83 billion, a price-to-earnings ratio of 71.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.08. 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 (NYSE:GLW - Get Free Report) last announced 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. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter last year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insiders Place Their Bets

In other news, CFO Edward A. Schlesinger sold 14,082 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total transaction of $877,026.96. Following the transaction, the chief financial officer directly owned 78,316 shares of the company's stock, valued at $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,484 shares of company stock worth $12,813,804. 0.32% of the stock is owned by corporate insiders.

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.