Corning Incorporated $GLW Stock Holdings Trimmed by Sandler Capital Management

Key Points

• Sandler Capital Management reduced its stake in Corning Incorporated by 23.9%, owning 146,756 shares and making it their 7th largest position at $6.7 million.
• Corning recently announced a quarterly dividend of $0.28, translating to an annualized yield of 1.6%, with the payout ratio currently at 119.15%.
• Analyst ratings indicate a mostly positive outlook for Corning, with a consensus rating of "Moderate Buy" and an average price target of $66.75.

Sandler Capital Management trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 23.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,756 shares of the electronics maker's stock after selling 46,118 shares during the quarter. Corning accounts for 1.7% of Sandler Capital Management's portfolio, making the stock its 7th largest position. Sandler Capital Management's holdings in Corning were worth $6,718,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vermillion Wealth Management Inc. bought a new position in Corning during the fourth quarter worth about $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning during the fourth quarter worth about $30,000. Investment Management Corp VA ADV lifted its holdings in shares of Corning by 165.9% during the 1st 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 in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares during the period. Finally, Banque Transatlantique SA acquired a new stake in shares of Corning during the first quarter worth $34,000. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the transaction, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the completion of the sale, the chief financial officer owned 78,316 shares of the company's stock, valued at approximately $4,877,520.48. This represents a 15.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 163,950 shares of company stock valued at $10,449,192. 0.40% of the stock is owned by corporate insiders.

Corning Price Performance

Shares of NYSE GLW traded up $2.54 during trading hours on Wednesday, hitting $74.93. 16,592,258 shares of the stock were exchanged, compared to its average volume of 6,199,904. The company's fifty day simple moving average is $61.83 and its two-hundred day simple moving average is $52.12. The company has a market cap of $64.19 billion, a PE ratio of 32.17, a price-to-earnings-growth ratio of 1.62 and a beta of 1.09. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $75.05.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is currently 119.15%.

Analyst Ratings Changes

Several brokerages recently commented on GLW. JPMorgan Chase & Co. increased their target price on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Susquehanna reissued a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Barclays increased their price objective on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Finally, Morgan Stanley set a $56.00 price target on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.75.

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.