Baird Financial Group Inc. Cuts Holdings in Corning Incorporated $GLW

Key Points

• Baird Financial Group Inc. reduced its holdings in Corning Incorporated by 25.9%, selling 59,240 shares during the first quarter, leaving them with 169,367 shares valued at approximately $7.75 million.
• Corning recently announced a quarterly dividend of $0.28 per share, representing an annualized yield of 1.6%, with a dividend payout ratio currently at 119.15%.
• Numerous analysts have upgraded their ratings on Corning's stock, with price targets ranging from $56.00 to $84.00, reflecting a consensus rating of "Moderate Buy" and a target price of $66.75.

Baird Financial Group Inc. reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 25.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 169,367 shares of the electronics maker's stock after selling 59,240 shares during the quarter. Baird Financial Group Inc.'s holdings in Corning were worth $7,754,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Vermillion Wealth Management Inc. purchased a new position in Corning in the fourth quarter valued at about $29,000. Putney Financial Group LLC purchased a new position in Corning in the fourth quarter valued at about $30,000. Investment Management Corp VA ADV raised its position in Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its position in Corning by 90.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares during the period. Finally, Gen Wealth Partners Inc raised its position in 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 period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 1.3%

Shares of Corning stock opened at $69.33 on Thursday. The business has a 50-day moving average of $59.86 and a 200-day moving average of $51.43. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The company has a market capitalization of $59.39 billion, a PE ratio of 73.76, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $69.79.

Corning (NYSE:GLW - Get Free Report) last announced 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. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same period last year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

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

Analysts Set New Price Targets

GLW has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Wolfe Research initiated coverage on Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Finally, UBS Group upgraded Corning from a "neutral" rating to a "buy" rating and raised their target price for the company from $65.00 to $84.00 in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

Insider Transactions at Corning

In other news, CFO Edward A. Schlesinger sold 14,082 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total transaction of $877,026.96. Following the sale, the chief financial officer owned 78,316 shares of the company's stock, valued at approximately $4,877,520.48. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction that occurred 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 sale, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,950 shares of company stock valued at $10,449,192 over the last ninety days. Insiders own 0.32% of the company's stock.

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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