Callan Family Office LLC Boosts Stake in Corning Incorporated $GLW

Key Points

• Callan Family Office LLC increased its stake in Corning Incorporated by 71.7%, holding 25,970 shares valued at approximately $1.37 million after acquiring an additional 10,847 shares in the second quarter.
• Multiple analysts have revised their price targets for Corning, with Citigroup raising its target from $72 to $93 and maintaining a "buy" rating.
• Corning's recent earnings report showed a rise in earnings per share to $0.60, beating analyst expectations, with revenue of $3.86 billion for the quarter.

Callan Family Office LLC grew its stake in Corning Incorporated (NYSE:GLW - Free Report) by 71.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,970 shares of the electronics maker's stock after buying an additional 10,847 shares during the period. Callan Family Office LLC's holdings in Corning were worth $1,366,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Brighton Jones LLC raised its holdings in shares of Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after buying an additional 2,114 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after purchasing an additional 2,567 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Corning by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after purchasing an additional 23,781 shares during the last quarter. Dynamic Advisor Solutions LLC raised its holdings in shares of Corning by 1.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares during the last quarter. Finally, Hanson & Doremus Investment Management raised its holdings in shares of Corning by 7.5% during the first quarter. Hanson & Doremus Investment Management now owns 155,747 shares of the electronics maker's stock worth $7,130,000 after purchasing an additional 10,813 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on GLW shares. Argus reissued a "buy" rating and set a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. Susquehanna reissued a "positive" rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. Morgan Stanley raised their target price on shares of Corning from $56.00 to $75.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, Citigroup raised their target price on shares of Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Insiders Place Their Bets

In other news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares in the company, valued at $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 181,671 shares of company stock valued at $11,816,899. 0.40% of the stock is owned by company insiders.

Corning Stock Down 4.8%

Shares of NYSE GLW opened at $83.00 on Monday. The company's 50-day simple moving average is $73.19 and its 200-day simple moving average is $57.32. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $87.78. The firm has a market cap of $71.10 billion, a price-to-earnings ratio of 88.30, a price-to-earnings-growth ratio of 1.85 and a beta of 1.14. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter last year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be given a $0.28 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. Corning's dividend payout ratio (DPR) is 119.15%.

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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