Arvest Investments Inc. Sells 17,622 Shares of Corning Incorporated $GLW

Key Points

• Arvest Investments Inc. reduced its holdings in Corning Incorporated (NYSE: GLW) by 46.4%, selling 17,622 shares and bringing its total ownership to 20,387 shares, valued at approximately $1,072,000.
• Corning's quarterly earnings surpassed expectations with earnings per share of $0.60, beating analysts' estimates by $0.03, while its revenue was reported at $3.86 billion.
• Corning has announced a quarterly dividend of $0.28, which will be paid on September 29, reflecting an annualized dividend of $1.12 and a yield of 1.5%.

Arvest Investments Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 46.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,387 shares of the electronics maker's stock after selling 17,622 shares during the quarter. Arvest Investments Inc.'s holdings in Corning were worth $1,072,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new position in Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC bought a new position in Corning during the 4th quarter worth approximately $30,000. Investment Management Corp VA ADV boosted its stake 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 acquiring an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake 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 acquiring an additional 353 shares during the last quarter. Finally, Resources Management Corp CT ADV boosted its stake in Corning by 66.7% during the 1st 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 during the last quarter. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GLW. JPMorgan Chase & Co. lifted their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Argus reaffirmed a "buy" rating and issued a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. Wall Street Zen lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research note on Saturday. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Buying and Selling

In related news, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were 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 in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 163,950 shares of company stock valued at $10,449,192 over the last ninety days. Insiders own 0.40% of the company's stock.

Corning Price Performance

NYSE GLW opened at $77.03 on Friday. 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 Incorporated has a 12-month low of $37.31 and a 12-month high of $77.87. The company has a market capitalization of $65.99 billion, a PE ratio of 81.95, a price-to-earnings-growth ratio of 1.69 and a beta of 1.09. The firm's 50 day moving average is $62.75 and its 200-day moving average is $52.49.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period last year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.5%. Corning's dividend payout ratio (DPR) is 119.15%.

Corning Profile

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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