Cookson Peirce & Co. Inc. Has $51.39 Million Holdings in Corning Incorporated $GLW

Key Points

• Cookson Peirce & Co. Inc. reduced its holdings in Corning Incorporated by 2.1%, bringing its total to approximately $51.39 million, making it the firm's 8th largest investment.
• CEO Wendell P. Weeks and SVP Jaymin Amin recently sold significant shares, with Weeks selling over 82,000 shares valued at $5.35 million, indicating potential insider selling pressure.
• Corning's stock is currently rated as a "Moderate Buy" by analysts, with a consensus price target of $73.00 and notable upgrades from firms like Citigroup, which raised its target from $72.00 to $93.00.

Cookson Peirce & Co. Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 977,158 shares of the electronics maker's stock after selling 21,093 shares during the quarter. Corning accounts for about 2.3% of Cookson Peirce & Co. Inc.'s investment portfolio, making the stock its 8th biggest holding. Cookson Peirce & Co. Inc. owned 0.11% of Corning worth $51,389,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GLW. Forte Capital LLC ADV boosted its holdings in shares of Corning by 2.4% in the second quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker's stock worth $419,000 after buying an additional 190 shares during the last quarter. Smith Salley Wealth Management lifted its holdings in shares of Corning by 3.3% in the second quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker's stock worth $330,000 after buying an additional 200 shares in the last quarter. Leigh Baldwin & CO. LLC lifted its holdings in shares of Corning by 1.7% in the first quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock worth $573,000 after buying an additional 210 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Corning by 1.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,623 shares of the electronics maker's stock worth $874,000 after purchasing an additional 214 shares during the last quarter. Finally, Old North State Wealth Management LLC increased its position in Corning by 0.5% in the second quarter. Old North State Wealth Management LLC now owns 40,325 shares of the electronics maker's stock worth $2,121,000 after purchasing an additional 218 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction 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. This trade represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jaymin Amin sold 17,721 shares of the firm's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the sale, the senior vice president directly owned 88,722 shares in the company, valued at approximately $6,847,563.96. The trade was a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock valued at $11,816,899 in the last three months. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GLW. Citigroup raised their target price on shares of Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Susquehanna reaffirmed a "positive" rating and issued a $75.00 price objective (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Argus reissued a "buy" rating and set a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Wolfe Research began coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

Corning Stock Performance

Shares of Corning stock opened at $86.18 on Wednesday. Corning Incorporated has a one year low of $37.31 and a one year high of $87.78. The company has a market cap of $73.82 billion, a PE ratio of 91.68, a P/E/G ratio of 1.90 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The business has a 50-day simple moving average of $76.15 and a 200-day simple moving average of $59.25.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a yield of 1.3%. Corning's dividend payout ratio is 119.15%.

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.

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