Central Pacific Bank Trust Division Buys 13,920 Shares of Corning Incorporated $GLW

Key Points

• Central Pacific Bank Trust Division has increased its holdings in Corning Incorporated by 23.6%, owning a total of 72,982 shares worth approximately $3.84 million.
• Corning reported quarterly earnings of $0.60 EPS, exceeding analysts' expectations, with revenues of $3.86 billion for the quarter.
• A recently announced quarterly dividend of $0.28 per share will be paid to stockholders, representing an annualized yield of 1.5%.

Central Pacific Bank Trust Division increased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 23.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,982 shares of the electronics maker's stock after purchasing an additional 13,920 shares during the quarter. Central Pacific Bank Trust Division's holdings in Corning were worth $3,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Gotham Asset Management LLC bought a new position in shares of Corning during the fourth quarter valued at $306,000. GAMMA Investing LLC lifted 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 valued at $520,000 after purchasing an additional 2,567 shares in the last quarter. Dynamic Advisor Solutions LLC lifted 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 valued at $1,024,000 after purchasing an additional 297 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted 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 valued at $59,558,000 after purchasing an additional 23,781 shares in the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of Corning by 8.7% during the first quarter. Spire Wealth Management now owns 14,456 shares of the electronics maker's stock valued at $662,000 after purchasing an additional 1,154 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of GLW opened at $77.03 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The business has a 50-day simple moving average of $62.75 and a two-hundred day simple moving average of $52.48. The stock has a market cap of $65.99 billion, a price-to-earnings ratio of 81.95, a PEG ratio of 1.69 and a beta of 1.09. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $77.87.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 dividend yield of 1.5%. Corning's dividend payout ratio is 119.15%.

Insider Activity

In related news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the sale, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated Wednesday, July 30th. The stock was 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 of the company's stock, valued at $4,036,813.88. This represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,950 shares of company stock valued at $10,449,192 in the last three months. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Argus reiterated a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. UBS Group upgraded Corning from a "neutral" rating to a "buy" rating and upped their price objective for the company from $65.00 to $84.00 in a research report on Tuesday, September 2nd. Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Wolfe Research assumed coverage on Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $66.75.

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.

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