AMI Asset Management Corp Makes New Investment in Corning Incorporated $GLW

Key Points

• AMI Asset Management Corp has made a new investment in Corning Incorporated, acquiring 16,561 shares valued at approximately $871,000 during the 2nd quarter.
• Corning has a current market capitalization of $71.18 billion, with a reported earnings per share of $0.60 for the latest quarter, beating analyst estimates.
• Recent analyst reports show a positive outlook for Corning, with ratings ranging from "Buy" to "Outperform," and a consensus target price of $70.08 per share.

AMI Asset Management Corp bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 16,561 shares of the electronics maker's stock, valued at approximately $871,000.

Other hedge funds have also recently bought and sold shares of the company. Investment Management Corp VA ADV raised its holdings in Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after buying an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its holdings in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after buying an additional 353 shares during the period. Banque Transatlantique SA acquired a new stake in shares of Corning in the first quarter valued at approximately $34,000. Resources Management Corp CT ADV raised its holdings in shares of Corning by 66.7% in the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 300 shares during the last quarter. Finally, Gen Wealth Partners Inc raised its holdings in shares of Corning by 151.7% in the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 455 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

NYSE:GLW opened at $83.10 on Thursday. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $83.75. 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 firm has a fifty day simple moving average of $69.64 and a 200 day simple moving average of $55.42. The stock has a market capitalization of $71.18 billion, a PE ratio of 88.40, a P/E/G ratio of 1.83 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last released its earnings results 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 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 analysts' expectations of $3.84 billion. During the same period last year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Insider Activity

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on 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 directly owned 64,838 shares of the company's stock, valued at $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,671 shares of company stock valued at $11,816,899. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent research reports. Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Susquehanna reiterated a "positive" rating and issued a $75.00 price objective (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. UBS Group lifted their price objective on shares of Corning from $84.00 to $91.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $70.08.

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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