Corning Incorporated $GLW Shares Sold by Concentric Capital Strategies LP

Key Points

• Concentric Capital Strategies LP reduced its stake in Corning Incorporated by 25.5%, selling 40,963 shares and retaining 119,983 shares, valued at approximately $5.49 million.
• Corning reported a quarterly earnings per share of $0.60, exceeding expectations, with revenue of $3.86 billion, slightly above analyst estimates.
• Corning declared a $0.28 per share dividend to be paid on September 29th, with a yield of 1.6% but a high payout ratio of 119.15%.

Concentric Capital Strategies LP trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 25.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,983 shares of the electronics maker's stock after selling 40,963 shares during the quarter. Concentric Capital Strategies LP's holdings in Corning were worth $5,493,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Amundi boosted its stake in Corning by 64.3% during 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 during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Corning by 1.3% during 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. raised its holdings in shares of Corning by 4.8% during the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock worth $290,111,000 after purchasing an additional 288,328 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Corning by 6.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock worth $251,190,000 after purchasing an additional 303,607 shares during the period. 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 period. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GLW shares. Susquehanna reissued a "positive" rating and set a $75.00 target price (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 target price (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. Argus reaffirmed a "buy" rating and set a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. Mizuho upped their target price on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $66.75.

Corning Stock Performance

Shares of GLW stock traded up $0.37 during trading hours on Tuesday, reaching $72.52. The stock had a trading volume of 3,053,172 shares, compared to its average volume of 5,742,076. The firm has a market capitalization of $62.12 billion, a PE ratio of 77.14, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09. 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 has a 50-day simple moving average of $60.99 and a 200-day simple moving average of $51.82. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $72.74.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.5%. Corning's payout ratio is presently 119.15%.

Insider Activity

In related news, CEO Wendell P. Weeks sold 82,103 shares of the business's 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,950 shares of company stock valued at $10,449,192 over the last 90 days. Corporate insiders own 0.32% of the company's stock.

Corning 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.