Amundi Sells 517,742 Shares of Corning Incorporated $GLW

Key Points

• Amundi cut its Corning stake by 13.1% in the second quarter, selling 517,742 shares and retaining 3.44 million shares worth approximately $878.8 million. Institutional investors collectively own 69.8% of GLW.
• Analysts lowered their price targets, with the consensus target falling to $174.08; however, the stock maintains a “Moderate Buy” rating based on 10 Buy and six Hold recommendations.
• Corning reported quarterly revenue of $4.74 billion and EPS of $0.78, exceeding estimates, while revenue rose 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, representing a 0.7% yield.

Amundi decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 13.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,440,582 shares of the electronics maker's stock after selling 517,742 shares during the period. Amundi owned about 0.40% of Corning worth $878,828,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in GLW. Security National Bank raised its position in Corning by 340.4% in the fourth quarter. Security National Bank now owns 72,523 shares of the electronics maker's stock valued at $6,350,000 after purchasing an additional 56,056 shares during the last quarter. Herbst Group LLC acquired a new stake in shares of Corning during the second quarter valued at about $4,474,000. Principal Financial Group Inc. grew its holdings in shares of Corning by 1.2% during the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock worth $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC increased its stake in shares of Corning by 36.2% in the first quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock valued at $12,567,000 after buying an additional 24,589 shares during the period. Finally, Atlas Wealth LLC increased its stake in shares of Corning by 137.8% in the first quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker's stock valued at $1,642,000 after buying an additional 6,998 shares during the period. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Morgan Stanley cut their target price on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 29th. Oppenheimer decreased their price target on shares of Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. dropped their price target on shares of Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Weiss Ratings lowered shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, August 21st. Finally, Mizuho reduced their price objective on shares of Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Down 0.1%

Shares of NYSE GLW opened at $154.22 on Monday. The company's 50 day moving average price is $164.74 and its 200-day moving average price is $165.39. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a 52-week low of $70.06 and a 52-week high of $271.78. The company has a market capitalization of $132.84 billion, a P/E ratio of 70.42, a price-to-earnings-growth ratio of 1.98 and a beta of 1.16.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. During the same period in the prior year, the company posted $0.60 earnings per share. Corning's revenue for the quarter was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) is presently 51.14%.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 13,100 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares of the company's stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Wendell Weeks sold 100,000 shares of Corning stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the sale, the chief executive officer owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.25% of the company's stock.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source