Berkshire Bank Takes Position in Corning Incorporated $GLW

Key Points

• Berkshire Bank invested approximately $435,000 in Corning Incorporated by purchasing 8,267 shares during the second quarter, signaling confidence in the electronics manufacturer.
• Corning reported an earnings per share (EPS) of $0.60 for the last quarter, which exceeded analyst expectations of $0.57, alongside a total revenue of $3.86 billion.
• The company recently announced a quarterly dividend of $0.28 per share, reflecting an annualized dividend payout of $1.12 and a yield of 1.4%.

Berkshire Bank bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 8,267 shares of the electronics maker's stock, valued at approximately $435,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Amundi lifted its position in Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares during the period. Bank of New York Mellon Corp boosted its stake in Corning by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after purchasing an additional 80,872 shares during the period. Invesco Ltd. increased its stake in Corning by 4.8% in the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock worth $290,111,000 after purchasing an additional 288,328 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Corning by 10.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker's stock valued at $267,546,000 after purchasing an additional 558,184 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Corning by 6.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock valued at $251,190,000 after purchasing an additional 303,607 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research analyst reports. Citigroup raised their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Mizuho increased their price objective on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Susquehanna restated a "positive" rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. UBS Group raised shares of Corning from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $65.00 to $84.00 in a research note on Tuesday, September 2nd. Finally, Argus reiterated a "buy" rating and set a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $66.75.

Insider Buying and Selling at Corning

In related news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This trade represents a 29.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jaymin Amin sold 17,721 shares of Corning stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the sale, the senior vice president directly owned 88,722 shares of the company's stock, valued at approximately $6,847,563.96. This represents a 16.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 181,671 shares of company stock worth $11,816,899. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of NYSE GLW traded down $0.05 during midday trading on Friday, hitting $79.57. 10,763,561 shares of the company's stock traded hands, compared to its average volume of 9,169,782. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The stock has a market capitalization of $68.16 billion, a price-to-earnings ratio of 84.65, a price-to-earnings-growth ratio of 1.78 and a beta of 1.09. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $79.98. The firm has a fifty day moving average of $65.38 and a 200 day moving average of $53.55.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS 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 for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter last year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given 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 dividend yield of 1.4%. Corning's dividend payout ratio is 119.15%.

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.