Corning Incorporated $GLW Shares Bought by Cornerstone Select Advisors LLC

Key Points

• Cornerstone Select Advisors LLC increased its stake in Corning Incorporated by 75.8%, owning 10,155 shares valued at $465,000 after acquiring additional shares in the first quarter.
• Multiple hedge funds have also adjusted their positions in Corning, with notable increases from Korea Investment CORP, Brooklyn Investment Group, and Versor Investments LP, indicating strong institutional interest in the stock.
• Corning recently reported earnings of $0.60 per share, exceeding the consensus estimate, and announced a quarterly dividend of $0.28 per share, contributing to a yield of 1.7%.

Cornerstone Select Advisors LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 75.8% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 10,155 shares of the electronics maker's stock after acquiring an additional 4,377 shares during the period. Cornerstone Select Advisors LLC's holdings in Corning were worth $465,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of GLW. Vermillion Wealth Management Inc. purchased a new stake in Corning in the fourth quarter valued at approximately $29,000. Putney Financial Group LLC purchased a new stake in Corning in the fourth quarter valued at approximately $30,000. Investment Management Corp VA ADV boosted 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 buying an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted 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 buying an additional 353 shares during the last quarter. Finally, Gen Wealth Partners Inc boosted 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 buying an additional 455 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of GLW stock traded up $0.7950 during trading hours on Friday, hitting $65.6850. 3,435,071 shares of the company's stock were exchanged, compared to its average volume of 5,973,847. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The firm has a market cap of $56.27 billion, a P/E ratio of 69.88, a P/E/G ratio of 1.45 and a beta of 1.08. The firm has a 50 day moving average of $57.16 and a two-hundred day moving average of $50.60. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50.

Corning (NYSE:GLW - Get Free Report) last announced 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 business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the prior year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. Corning's dividend payout ratio (DPR) is 119.15%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GLW shares. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Morgan Stanley set a $56.00 price objective on Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Mizuho upped their price objective on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $65.17.

Insiders Place Their Bets

In other 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 completion of the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Edward A. Schlesinger sold 14,082 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the transaction, the chief financial officer owned 78,316 shares of the company's stock, valued at $4,877,520.48. This trade represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,484 shares of company stock worth $12,813,804. 0.40% of the stock is currently owned by company insiders.

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.