Cerro Pacific Wealth Advisors LLC Acquires Shares of 13,180 Corning Incorporated $GLW

Key Points

• Cerro Pacific Wealth Advisors LLC acquired 13,180 shares of Corning Incorporated, valued at approximately $693,000, during the second quarter.
• Several institutional investors, including Brighton Jones LLC and GAMMA Investing LLC, have increased their stakes in Corning, reflecting a growing confidence in the company's performance.
• Corning recently declared a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, indicating a commitment to returning value to shareholders despite operating challenges.

Cerro Pacific Wealth Advisors LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,180 shares of the electronics maker's stock, valued at approximately $693,000.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the period. Pallas Capital Advisors LLC bought a new stake in shares of Corning during the first quarter valued at about $286,000. GAMMA Investing LLC increased its position 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 buying an additional 2,567 shares during the period. Simon Quick Advisors LLC increased its position in shares of Corning by 59.3% during the first quarter. Simon Quick Advisors LLC now owns 9,738 shares of the electronics maker's stock valued at $446,000 after buying an additional 3,625 shares during the period. Finally, NorthCrest Asset Manangement LLC increased its position in shares of Corning by 1.7% during the first quarter. NorthCrest Asset Manangement LLC now owns 43,696 shares of the electronics maker's stock valued at $2,000,000 after buying an additional 745 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Citigroup upped their price objective on shares of Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Weiss Ratings restated a "hold (c+)" rating on shares of Corning in a research report on Wednesday. Argus restated a "buy" rating and issued a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Finally, UBS Group upped their price objective on shares of Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research report on Tuesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Insider Buying and Selling at Corning

In other news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction that occurred 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 completion of the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This represents a 35.85% 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, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the sale, the chief executive officer directly owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 181,671 shares of company stock valued at $11,816,899. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Down 4.8%

Shares of NYSE GLW opened at $83.00 on Friday. Corning Incorporated has a one year low of $37.31 and a one year high of $87.78. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The firm's 50 day simple moving average is $73.19 and its two-hundred day simple moving average is $57.25. The stock has a market capitalization of $71.10 billion, a P/E ratio of 88.30, a PEG ratio of 1.85 and a beta of 1.14.

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, 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 business had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same period last year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

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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