Candriam S.C.A. Has $11.75 Million Position in Corning Incorporated $GLW

Key Points

• Candriam S.C.A. reduced its stake in Corning Incorporated by 20.3%, now holding 256,694 shares valued at approximately $11.75 million.
• While Candriam trimmed its position, several other hedge funds, such as Dorsey & Whitney Trust and Banco Bilbao Vizcaya Argentaria, increased their holdings in Corning during the same period.
• Corning declared a quarterly dividend of $0.28 per share, marking a yield of 1.7%, though the company's dividend payout ratio is currently at 119.15%.

Candriam S.C.A. reduced its stake in Corning Incorporated (NYSE:GLW - Free Report) by 20.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 256,694 shares of the electronics maker's stock after selling 65,315 shares during the period. Candriam S.C.A.'s holdings in Corning were worth $11,751,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Polar Capital Holdings Plc bought a new position in shares of Corning during the fourth quarter valued at approximately $124,253,000. Nuveen LLC purchased a new position in shares of Corning in the first quarter worth $104,789,000. Assenagon Asset Management S.A. raised its holdings in shares of Corning by 101.0% in the first quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after buying an additional 1,483,151 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Corning by 3,441.4% in the first quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after buying an additional 1,156,746 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after purchasing an additional 1,037,875 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

GLW stock traded up $1.02 during trading on Monday, hitting $66.79. The company had a trading volume of 5,822,992 shares, compared to its average volume of 5,613,284. The firm has a market capitalization of $57.21 billion, a price-to-earnings ratio of 71.05, a P/E/G ratio of 1.47 and a beta of 1.08. The business has a 50 day moving average of $57.16 and a 200 day moving average of $50.56. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $67.32. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the prior year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Barclays lifted their target price on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. 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. Mizuho boosted their price target on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $65.17.

Insider Buying and Selling

In other news, 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 transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the completion of the sale, the chief executive officer directly owned 809,295 shares of the company's stock, valued at $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock worth $12,813,804 in the last ninety days. 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.