Bahl & Gaynor Inc. Trims Position in Corning Incorporated $GLW

Key Points

• Bahl & Gaynor Inc. reduced its stake in Corning Incorporated ($GLW) by 1.1%, now holding 2,552,062 shares valued at $116.83 million.
• Corning's stock has drawn positive ratings from several analysts, with price targets ranging from $56.00 to $75.00, indicating strong market confidence.
• The company recently announced a quarterly dividend of $0.28 per share, representing an annualized yield of 1.7% with a payout ratio of 119.15%.

Bahl & Gaynor Inc. lowered its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,552,062 shares of the electronics maker's stock after selling 29,155 shares during the period. Bahl & Gaynor Inc. owned about 0.30% of Corning worth $116,833,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. LMR Partners LLP grew its position in Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after buying an additional 700,442 shares during the period. Gotham Asset Management LLC purchased a new stake in shares of Corning during the 4th quarter worth approximately $306,000. GAMMA Investing LLC increased its stake in shares of Corning by 29.2% during the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after purchasing an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC raised its holdings in shares of Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after buying an additional 23,781 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction that occurred 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 sale, the chief operating officer directly owned 64,838 shares in the company, 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, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 211,484 shares of company stock worth $12,813,804 over the last quarter. Company insiders own 0.32% of the company's stock.

Corning Trading Up 1.1%

Shares of NYSE:GLW traded up $0.72 on Tuesday, reaching $67.50. 5,419,065 shares of the company traded hands, compared to its average volume of 5,902,013. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $67.68. 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 business's 50-day simple moving average is $57.82 and its 200 day simple moving average is $50.78. The stock has a market capitalization of $57.83 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 1.50 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last announced 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 quarter in the previous year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal 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 given a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. Corning's payout ratio is currently 119.15%.

Analyst Ratings Changes

A number of research analysts have recently commented on GLW shares. Mizuho upped their price target on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. 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 research note on Friday, July 25th. Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Susquehanna restated a "positive" rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, UBS Group boosted their price objective on Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $65.17.

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.