Chapin Davis Inc. Buys New Position in Corning Incorporated $GLW

Key Points

• Chapin Davis Inc. has acquired a new position in Corning Incorporated, purchasing 3,840 shares valued at approximately $202,000 in the 2nd quarter.
• Corning's recent quarterly earnings exceeded expectations, reporting $0.60 EPS against an anticipated $0.57 EPS, with revenue of $3.86 billion for the quarter.
• A quarterly dividend of $0.28 per share has been declared, reflecting a 1.4% yield and a payout ratio of 119.15%.

Chapin Davis Inc. bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,840 shares of the electronics maker's stock, valued at approximately $202,000.

Several other institutional investors have also recently added to or reduced their stakes in GLW. Amundi increased its stake in shares of Corning by 64.3% in the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock valued at $271,237,000 after acquiring an additional 2,507,797 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after purchasing an additional 80,872 shares during the period. Invesco Ltd. increased its stake in Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after purchasing an additional 288,328 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Corning by 10.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker's stock valued at $267,546,000 after purchasing an additional 558,184 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of Corning by 37.1% during the 1st 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 in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. The trade was a 29.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock worth $11,816,899 in the last 90 days. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research analyst reports. Morgan Stanley set a $56.00 target price on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Oppenheimer reissued an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Susquehanna reaffirmed a "positive" rating and set a $75.00 target price (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Mizuho lifted their price target on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Citigroup boosted their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

Corning Stock Down 0.6%

Shares of NYSE GLW opened at $79.11 on Tuesday. 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 stock has a market capitalization of $67.76 billion, a PE ratio of 84.15, a P/E/G ratio of 1.78 and a beta of 1.09. Corning Incorporated has a one year low of $37.31 and a one year high of $79.98. The business's fifty day moving average price is $65.89 and its 200-day moving average price is $53.83.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $3.86 billion for 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 period in the previous year, the business posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm 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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Corning Company 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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