Altus Wealth Group LLC bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,124 shares of the electronics maker's stock, valued at approximately $217,000.
Other large investors have also recently made changes to their positions in the company. Davis Investment Partners LLC acquired a new stake in shares of Corning in the 2nd quarter valued at about $251,000. Central Pacific Bank Trust Division lifted its position in Corning by 23.6% during the 2nd quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker's stock worth $3,838,000 after acquiring an additional 13,920 shares during the period. Strs Ohio acquired a new stake in Corning during the 1st quarter worth approximately $27,219,000. Acadian Asset Management LLC lifted its position in Corning by 4,346.5% during the 1st quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker's stock worth $7,048,000 after acquiring an additional 150,521 shares during the period. Finally, Intech Investment Management LLC lifted its position in Corning by 507.6% during the 1st quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker's stock worth $9,665,000 after acquiring an additional 176,379 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.
Corning Stock Performance
NYSE GLW opened at $84.49 on Monday. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $87.78. The company has a market capitalization of $72.38 billion, a P/E ratio of 89.88, a PEG ratio of 1.89 and a beta of 1.14. The business has a 50 day moving average price of $75.33 and a 200 day moving average price of $58.73. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.
Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same period last year, the business posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.
Corning Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, November 14th. Corning's dividend payout ratio (DPR) is presently 119.15%.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on GLW shares. Wolfe Research started coverage on Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. Citigroup increased their price objective on Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Corning in a research report on Wednesday, October 8th. UBS Group increased their price objective on Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research report on Tuesday, September 23rd. Finally, Argus reaffirmed a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.
Check Out Our Latest Stock Analysis on Corning
Insider Transactions at Corning
In related news, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the transaction, the chief executive officer directly owned 809,295 shares of the company's stock, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 181,671 shares of company stock worth $11,816,899 over the last ninety days. 0.32% of the stock is currently owned by corporate insiders.
Corning Company Profile
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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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