Corning Incorporated $GLW Shares Purchased by Bowen Hanes & Co. Inc.

Key Points

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Bowen Hanes & Co. Inc. boosted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,458,369 shares of the electronics maker's stock after buying an additional 14,400 shares during the quarter. Corning accounts for about 1.9% of Bowen Hanes & Co. Inc.'s portfolio, making the stock its 21st largest holding. Bowen Hanes & Co. Inc. owned about 0.17% of Corning worth $66,764,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. LMR Partners LLP raised its position in Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after buying an additional 700,442 shares during the last quarter. Gotham Asset Management LLC purchased a new position in Corning during the 4th quarter worth approximately $306,000. GAMMA Investing LLC raised its position in 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 buying an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in Corning by 1.3% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after buying an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Corning by 1.9% during the 1st 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.

Corning Price Performance

Corning stock traded up $0.7950 during trading on Friday, reaching $65.6850. The company had a trading volume of 3,435,071 shares, compared to its average volume of 5,973,847. The firm's 50-day simple moving average is $57.16 and its 200 day simple moving average is $50.60. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50. The firm has a market capitalization of $56.27 billion, a PE ratio of 69.88, a price-to-earnings-growth ratio of 1.45 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter last year, the company earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share 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 paid 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 1.7%. Corning's dividend payout ratio (DPR) is currently 119.15%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Morgan Stanley set a $56.00 price target on shares of Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. UBS Group lifted their target price on shares of Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Mizuho lifted their target price on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $65.17.

Insider Activity at Corning

In other Corning news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares of the company's stock, valued at $52,757,941.05. The trade was a 9.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction 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 approximately $4,036,813.88. This trade represents a 35.85% decrease in their position. 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 90 days. Corporate insiders own 0.40% of the company's stock.

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.