Amundi Purchases 2,507,797 Shares of Corning Incorporated $GLW

Key Points

• Amundi increased its stake in Corning Incorporated by 64.3%, acquiring an additional 2,507,797 shares, bringing its total holdings to 6,408,605 shares valued at approximately $271 million.
• Several institutional investors have also expanded their positions in Corning, with 69.80% of shares currently owned by institutional investors.
• Corning reported a quarterly EPS of $0.60, beating analyst expectations, and announced a quarterly dividend of $0.28, implying a yield of 1.6% on an annualized basis.

Amundi lifted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 64.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,408,605 shares of the electronics maker's stock after buying an additional 2,507,797 shares during the quarter. Amundi owned about 0.75% of Corning worth $271,237,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Appaloosa LP raised its holdings in Corning by 16.2% during the 1st quarter. Appaloosa LP now owns 1,743,629 shares of the electronics maker's stock worth $79,823,000 after purchasing an additional 243,629 shares during the last quarter. Federation des caisses Desjardins du Quebec raised its holdings in Corning by 104.9% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 41,364 shares of the electronics maker's stock worth $1,894,000 after purchasing an additional 21,173 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its stake in shares of Corning by 63.2% in the 1st quarter. Focus Partners Advisor Solutions LLC now owns 20,350 shares of the electronics maker's stock valued at $932,000 after acquiring an additional 7,884 shares during the last quarter. Graham Capital Management L.P. increased its stake in shares of Corning by 22.6% in the 1st quarter. Graham Capital Management L.P. now owns 169,523 shares of the electronics maker's stock valued at $7,761,000 after acquiring an additional 31,260 shares during the last quarter. Finally, Cyrus J. Lawrence LLC increased its stake in shares of Corning by 890.0% in the 1st quarter. Cyrus J. Lawrence LLC now owns 9,900 shares of the electronics maker's stock valued at $453,000 after acquiring an additional 8,900 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In other Corning news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction dated 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 transaction, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Edward A. Schlesinger sold 14,082 shares of Corning stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the transaction, the chief financial officer owned 78,316 shares in the company, valued at approximately $4,877,520.48. This represents a 15.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,950 shares of company stock valued at $10,449,192. Company insiders own 0.32% of the company's stock.

Corning Stock Performance

Shares of GLW traded up $0.90 during midday trading on Monday, reaching $72.09. 13,040,564 shares of the stock were exchanged, compared to its average volume of 5,737,232. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $72.54. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The company has a market cap of $61.75 billion, a P/E ratio of 76.69, a PEG ratio of 1.59 and a beta of 1.09. The stock's 50 day simple moving average is $60.60 and its 200 day simple moving average is $51.67.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The company 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. On average, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 119.15%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GLW shares. Wolfe Research started coverage on Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. Barclays upped their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. UBS Group raised Corning from a "neutral" rating to a "buy" rating and increased their price objective for the company from $65.00 to $84.00 in a report on Tuesday, September 2nd. Oppenheimer reissued an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

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.