Ieq Capital LLC Has $2.29 Million Position in Corning Incorporated $GLW

Key Points

• Ieq Capital LLC significantly raised its stake in Corning Incorporated by 191.0% during the first quarter, owning 49,919 shares valued at approximately $2.285 million.
• Corning's latest earnings report showed an EPS of $0.60, surpassing analysts' expectations, and the company declared a quarterly dividend of $0.28 to be paid by September 29th.
• Analysts have recently upgraded Corning's stock rating, with Wall Street Zen moving it from "buy" to a "strong-buy". The current average target price for the stock is $65.17.

Ieq Capital LLC lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 191.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 49,919 shares of the electronics maker's stock after acquiring an additional 32,764 shares during the quarter. Ieq Capital LLC's holdings in Corning were worth $2,285,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. LMR Partners LLP lifted its position in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after acquiring an additional 700,442 shares in the last quarter. Gotham Asset Management LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $306,000. GAMMA Investing LLC lifted its position in shares of Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after acquiring an additional 2,567 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its position in shares of Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after acquiring an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Corning by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after acquiring an additional 23,781 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research reports. Mizuho lifted their target price on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Citigroup upped their target price on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Argus reaffirmed a "buy" rating and set a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. Finally, Oppenheimer reissued an "outperform" rating and issued a $72.00 price target (up previously 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 assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

Corning Stock Performance

GLW stock traded up $1.39 during midday trading on Friday, hitting $71.11. 9,071,696 shares of the company traded hands, compared to its average volume of 5,294,657. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $71.40. The stock has a market capitalization of $60.91 billion, a price-to-earnings ratio of 75.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.09. 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 business has a 50 day simple moving average of $60.60 and a 200-day simple moving average of $51.68.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 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 company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter last year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given 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 1.6%. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insider Buying and Selling

In other news, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction that occurred on Thursday, August 7th. The shares were 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 disclosure for this sale can be found here. Over the last 90 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 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.