Corning Incorporated $GLW is Randolph Co Inc's 6th Largest Position

Key Points

• Randolph Co Inc has increased its stake in Corning Incorporated (NYSE:GLW) by 0.5%, making it the 6th largest position in their portfolio, worth approximately $40.7 million.
• Recent insider transactions include COO Avery H. Nelson III selling 36,240 shares and SVP Michael Paul O'day selling 14,879 shares, representing significant reductions in their respective holdings.
• Analyst ratings for Corning show a range of opinions, with one analyst rating it a Strong Buy and the average price target set at $70.08 following a recent earnings report exceeding expectations.

Randolph Co Inc lifted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 0.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 774,830 shares of the electronics maker's stock after purchasing an additional 3,873 shares during the quarter. Corning comprises about 4.2% of Randolph Co Inc's portfolio, making the stock its 6th largest holding. Randolph Co Inc owned about 0.09% of Corning worth $40,748,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Brighton Jones LLC raised its position in shares of Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after purchasing an additional 2,114 shares during the last quarter. Toronto Dominion Bank raised its position in shares of Corning by 0.9% in the 4th quarter. Toronto Dominion Bank now owns 292,523 shares of the electronics maker's stock valued at $13,901,000 after purchasing an additional 2,670 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Corning by 24.2% in the 4th quarter. Mackenzie Financial Corp now owns 102,261 shares of the electronics maker's stock valued at $4,859,000 after purchasing an additional 19,942 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Corning in the 4th quarter valued at approximately $14,369,000. Finally, Centaurus Financial Inc. raised its position in shares of Corning by 3.0% in the 4th quarter. Centaurus Financial Inc. now owns 11,714 shares of the electronics maker's stock valued at $557,000 after purchasing an additional 340 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the sale, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock worth $11,816,899 in the last ninety days. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Wall Street Zen lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. JPMorgan Chase & Co. raised their price target on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Argus reissued a "buy" rating and set a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. UBS Group raised their price target on shares of Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Barclays raised their price target on shares of 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, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $70.08.

Corning Price Performance

Shares of NYSE GLW opened at $79.11 on Friday. The firm's 50 day simple moving average is $67.50 and its 200-day simple moving average is $54.44. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $81.58. The stock has a market capitalization of $67.76 billion, a price-to-earnings ratio of 84.15, a PEG ratio of 1.78 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.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. 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. Analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.