Blue Edge Capital LLC Sells 14,565 Shares of Corning Incorporated $GLW

Key Points

• Blue Edge Capital reduced its Corning stake by 31.2% in the second quarter, selling 14,565 shares and retaining 32,095 shares valued at approximately $8.2 million.
• Corning reported quarterly earnings of $0.78 per share and revenue of $4.74 billion, exceeding analyst estimates, while revenue increased 17.1% year over year.
• Analysts maintain a “Moderate Buy” consensus on GLW, with a $174.08 average price target; the company also declared a $0.28 quarterly dividend, yielding about 0.7%.

Blue Edge Capital LLC cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 31.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,095 shares of the electronics maker's stock after selling 14,565 shares during the quarter. Corning comprises about 1.0% of Blue Edge Capital LLC's holdings, making the stock its 29th largest position. Blue Edge Capital LLC's holdings in Corning were worth $8,198,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Berbice Capital Management LLC purchased a new position in Corning during the 4th quarter valued at about $26,000. Basepoint Wealth LLC purchased a new stake in shares of Corning in the fourth quarter worth about $26,000. Atwood & Palmer Inc. bought a new position in shares of Corning in the second quarter valued at approximately $26,000. Kemnay Advisory Services Inc. bought a new position in shares of Corning in the fourth quarter valued at approximately $27,000. Finally, Litman Gregory Wealth Management LLC purchased a new position in Corning during the fourth quarter valued at approximately $31,000. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the sale, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of analyst reports. Bank of America upped their target price on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Oppenheimer reduced their price target on shares of Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. decreased their price target on shares of Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. Truist Financial raised Corning from a "hold" rating to a "buy" rating and dropped their price objective for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Finally, Mizuho reduced their target price on Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $174.08.

Corning Price Performance

Shares of Corning stock opened at $152.72 on Friday. The company has a fifty day moving average of $172.11 and a 200-day moving average of $164.71. Corning Incorporated has a 52-week low of $66.14 and a 52-week high of $271.78. The stock has a market capitalization of $131.55 billion, a price-to-earnings ratio of 69.73, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The company's quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts expect that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's payout ratio is presently 51.14%.

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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