Alta Advisers Ltd Makes New $218,000 Investment in Corning Incorporated $GLW

Key Points

• Alta Advisers Ltd acquired a new investment position in Corning Incorporated (NYSE:GLW) worth approximately $218,000 by purchasing 4,144 shares in the second quarter.
• Corning reported earnings of $0.60 EPS for the last quarter, surpassing analyst expectations of $0.57, with a total revenue of $3.86 billion.
• The company declared a quarterly dividend of $0.28, with a payout ratio of 119.15%, and dividends will be paid on December 12 to investors of record on November 14.

Alta Advisers Ltd acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,144 shares of the electronics maker's stock, valued at approximately $218,000.

Other hedge funds have also recently bought and sold shares of the company. REAP Financial Group LLC raised its stake in Corning by 191.5% during the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock worth $27,000 after acquiring an additional 339 shares in the last quarter. Investment Management Corp VA ADV raised its stake in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its stake in Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares in the last quarter. Resources Management Corp CT ADV raised its stake in Corning by 66.7% during the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after acquiring an additional 300 shares in the last quarter. Finally, Gen Wealth Partners Inc raised its stake in Corning by 151.7% during the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after acquiring an additional 455 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Corning stock opened at $83.00 on Friday. The business's 50-day simple moving average is $73.19 and its 200 day simple moving average is $57.25. The stock has a market cap of $71.10 billion, a price-to-earnings ratio of 88.30, a P/E/G ratio of 1.85 and a beta of 1.14. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $87.78. 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 posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter last year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.12 annualized dividend and a yield of 1.3%. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insiders Place Their Bets

In related news, SVP Jaymin Amin sold 17,721 shares of the firm's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total value of $1,367,706.78. Following the transaction, the senior vice president owned 88,722 shares in the company, valued at $6,847,563.96. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock valued at $11,816,899 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on GLW shares. Mizuho increased their price objective on Corning from $74.00 to $90.00 and gave the stock an "outperform" rating in a research note on Friday, October 3rd. Morgan Stanley raised their target price on Corning from $56.00 to $75.00 and gave the company an "equal weight" rating in a research note on Friday. Wolfe Research initiated coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Weiss Ratings restated a "hold (c+)" rating on shares of Corning in a research note on Wednesday. Finally, Citigroup raised their target price on Corning from $72.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $73.00.

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.

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