Corning Incorporated $GLW Holdings Raised by NovaPoint Capital LLC

Key Points

• NovaPoint Capital LLC increased its ownership in Corning Incorporated (NYSE: GLW) by 6.2%, holding a total of 82,462 shares worth approximately $4.34 million.
• CEO Wendell P. Weeks sold 82,103 shares for roughly $5.35 million, marking a 9.21% decrease in his ownership of the stock.
• Corning's latest earnings report indicated an EPS of $0.60, surpassing analysts' expectations, and the company forecasts a Q3 EPS guidance of 0.630-0.670.

NovaPoint Capital LLC grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,462 shares of the electronics maker's stock after purchasing an additional 4,780 shares during the period. NovaPoint Capital LLC's holdings in Corning were worth $4,337,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of GLW. Investment Management Corp VA ADV lifted its holdings in shares of Corning by 165.9% during 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 stake in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares in the last quarter. Banque Transatlantique SA purchased a new stake in Corning in the 1st quarter worth about $34,000. Resources Management Corp CT ADV lifted its stake in Corning by 66.7% in the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after acquiring an additional 300 shares in the last quarter. Finally, Gen Wealth Partners Inc lifted its stake in Corning by 151.7% in the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after acquiring an additional 455 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the sale, the chief executive officer directly owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction dated 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 transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This represents a 29.51% decrease in their position. 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 owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Morgan Stanley set a $56.00 price objective on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Argus reissued a "buy" rating and issued a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Wall Street Zen downgraded Corning from a "strong-buy" rating to a "hold" rating in a research note on Saturday, September 13th. JPMorgan Chase & Co. increased their price objective on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price target (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.08.

Corning Stock Performance

Shares of NYSE GLW opened at $79.33 on Friday. 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 firm has a market cap of $67.96 billion, a price-to-earnings ratio of 84.39, a P/E/G ratio of 1.77 and a beta of 1.09. The business's 50-day simple moving average is $68.01 and its 200-day simple moving average is $54.67. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $81.58.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates 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 firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Company 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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