BI Asset Management Fondsmaeglerselskab A S Sells 75,282 Shares of Corning Incorporated $GLW

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its Corning stake by 58.6% in the first quarter, selling 75,282 shares and leaving it with 53,204 shares valued at about $7.23 million.
• Corning insiders were also sellers, including CEO Wendell P. Weeks, who sold 100,000 shares, and VP John Z. Zhang, who sold 10,000 shares; insiders sold 160,655 shares in the last quarter overall.
• Corning beat quarterly expectations with EPS of $0.70 on revenue of $4.34 billion, and the company also announced a quarterly dividend of $0.28 per share, payable June 29.

BI Asset Management Fondsmaeglerselskab A S decreased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 58.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,204 shares of the electronics maker's stock after selling 75,282 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Corning were worth $7,234,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Uhlmann Price Securities LLC bought a new stake in shares of Corning in the 1st quarter valued at $710,000. Baron Wealth Management LLC bought a new position in Corning during the first quarter worth $271,000. Westmount Partners LLC bought a new position in Corning during the first quarter worth $251,000. Nations Financial Group Inc. IA ADV grew its holdings in Corning by 26.0% in the first quarter. Nations Financial Group Inc. IA ADV now owns 40,062 shares of the electronics maker's stock worth $5,447,000 after purchasing an additional 8,274 shares during the period. Finally, KRS Capital Management LLC grew its holdings in Corning by 2.2% in the first quarter. KRS Capital Management LLC now owns 4,058 shares of the electronics maker's stock worth $552,000 after purchasing an additional 88 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Z. Zhang sold 10,000 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the sale, the vice president directly owned 5,138 shares of the company's stock, valued at $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 160,655 shares of company stock valued at $30,692,560 in the last quarter. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. Bank of America upped their price objective on shares of Corning from $155.00 to $186.00 and gave the company a "buy" rating in a report on Monday, April 20th. UBS Group raised their target price on Corning from $223.00 to $228.00 and gave the company a "buy" rating in a research note on Friday, June 5th. Truist Financial boosted their target price on Corning from $125.00 to $149.00 and gave the company a "hold" rating in a research report on Wednesday, April 29th. Morgan Stanley set a $180.00 price target on Corning in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. increased their price target on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $178.31.

Corning Stock Up 0.2%

Corning stock opened at $195.28 on Monday. Corning Incorporated has a 1-year low of $49.97 and a 1-year high of $211.79. The firm has a market capitalization of $168.06 billion, a price-to-earnings ratio of 93.44, a price-to-earnings-growth ratio of 2.79 and a beta of 1.15. The firm's fifty day moving average price is $180.63 and its two-hundred day moving average price is $137.63. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The firm had revenue of $4.34 billion during the quarter, compared to analysts' expectations of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The business's revenue was up 18.1% on a year-over-year basis. During the same period last year, the company earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts predict that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be paid a $0.28 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning's dividend payout ratio is presently 53.59%.

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.

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