Corning Incorporated $GLW Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its stake in Corning Incorporated by 5.4%, owning approximately 573,744 shares worth about $30.2 million at the end of Q2.
• Corning announced a quarterly dividend of $0.28 per share, with an annualized dividend of $1.12 and a yield of 1.3%, set to be paid on December 12th.
• The company recently reported earnings of $0.60 per share, exceeding expectations of $0.57, and projections for the next quarter are set at 0.630-0.670 EPS.

Aberdeen Group plc raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 5.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 573,744 shares of the electronics maker's stock after purchasing an additional 29,620 shares during the period. Aberdeen Group plc owned about 0.07% of Corning worth $30,213,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Amundi grew its holdings in Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock valued at $271,237,000 after purchasing an additional 2,507,797 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after acquiring an additional 80,872 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Corning by 4.8% during the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after acquiring an additional 288,328 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Corning by 10.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker's stock valued at $267,546,000 after acquiring an additional 558,184 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after acquiring an additional 1,037,875 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Down 4.8%

Shares of Corning stock opened at $83.00 on Monday. 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 $71.10 billion, a price-to-earnings ratio of 88.30, a price-to-earnings-growth ratio of 1.85 and a beta of 1.14. The business has a fifty day simple moving average of $73.19 and a 200-day simple moving average of $57.32. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $87.78.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion during 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 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.3%. Corning's payout ratio is 119.15%.

Insider Activity at Corning

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

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Barclays raised their price objective on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and issued a $72.00 price objective (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley raised their target price on Corning from $56.00 to $75.00 and gave the company an "equal weight" rating in a report on Friday. Finally, Wall Street Zen downgraded Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

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.

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.