Corient IA LLC Takes Position in Corning Incorporated $GLW

Key Points

• Corient IA LLC acquired a new position in Corning Incorporated valued at approximately $229,000, purchasing 5,000 shares during the first quarter.
• Insider transactions reported significant sales, including 82,103 shares sold by CEO Wendell P. Weeks, indicating a 9.21% decrease in his position.
• Corning recently declared a quarterly dividend of $0.28 per share, translating to an annualized yield of 1.7%, with a payout ratio of 119.15%.

Corient IA LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 5,000 shares of the electronics maker's stock, valued at approximately $229,000.

A number of other large investors also recently bought and sold shares of GLW. Brighton Jones LLC lifted its holdings in Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after buying an additional 2,114 shares during the last quarter. United Capital Financial Advisors LLC lifted its holdings in Corning by 9.8% during the 4th quarter. United Capital Financial Advisors LLC now owns 6,827 shares of the electronics maker's stock worth $324,000 after buying an additional 608 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Corning by 238.6% during the 4th quarter. Canada Pension Plan Investment Board now owns 296,677 shares of the electronics maker's stock worth $14,098,000 after buying an additional 209,054 shares during the last quarter. First Trust Advisors LP lifted its holdings in Corning by 2.5% during the 4th quarter. First Trust Advisors LP now owns 1,310,923 shares of the electronics maker's stock worth $62,295,000 after buying an additional 31,933 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Corning by 95.7% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 57,768 shares of the electronics maker's stock worth $2,745,000 after buying an additional 28,249 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Insider Transactions at Corning

In other news, CFO Edward A. Schlesinger sold 14,082 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total transaction of $877,026.96. Following the transaction, the chief financial officer directly owned 78,316 shares in the company, valued at approximately $4,877,520.48. This trade represents a 15.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning 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 in the company, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock worth $12,813,804 over the last quarter. Insiders own 0.40% of the company's stock.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. Barclays increased their target price on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Mizuho raised their price target on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Oppenheimer reissued an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price target on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, UBS Group raised their price target on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.17.

Corning Stock Performance

GLW traded up $0.7950 during trading hours on Friday, hitting $65.6850. The company's stock had a trading volume of 3,435,071 shares, compared to its average volume of 5,973,847. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50. 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 firm has a market capitalization of $56.27 billion, a PE ratio of 69.88, a PEG ratio of 1.45 and a beta of 1.08. The company has a 50-day simple moving average of $57.16 and a 200 day simple moving average of $50.60.

Corning (NYSE:GLW - Get Free Report) last posted 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. Corning had a return on equity of 17.27% and a net margin of 5.77%.The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same period last year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 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.