Community Financial Services Group LLC lowered its stake in Corning Incorporated (NYSE:GLW - Free Report) by 17.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 32,717 shares of the electronics maker's stock after selling 6,718 shares during the quarter. Community Financial Services Group LLC's holdings in Corning were worth $1,721,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Investment Management Corp VA ADV lifted its position in Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its position in Corning by 90.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares during the last quarter. Banque Transatlantique SA bought a new stake in Corning in the first quarter valued at approximately $34,000. Resources Management Corp CT ADV lifted its position in Corning by 66.7% in the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 300 shares during the last quarter. Finally, Gen Wealth Partners Inc lifted its position in Corning by 151.7% in the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 455 shares during the last quarter. Institutional investors own 69.80% of the company's stock.
Insider Activity
In other news, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 809,295 shares of the company's stock, valued at $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. 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 insiders.
Corning Price Performance
GLW opened at $83.10 on Thursday. The stock has a fifty day simple moving average of $69.64 and a two-hundred day simple moving average of $55.42. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The company has a market cap of $71.18 billion, a price-to-earnings ratio of 88.40, a price-to-earnings-growth ratio of 1.83 and a beta of 1.14. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $83.75.
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 (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 the consensus estimate 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 company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. JPMorgan Chase & Co. raised their price target on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wall Street Zen lowered Corning from a "strong-buy" rating to a "hold" rating in a research note on Saturday, September 13th. UBS Group raised their price target on Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Mizuho raised their price target on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One investment 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $70.08.
Check Out Our Latest Stock Report on Corning
About Corning
(
Free Report)
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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