Appaloosa LP Purchases 243,629 Shares of Corning Incorporated $GLW

Key Points

• Appaloosa LP increased its stake in Corning Incorporated by 16.2% during the first quarter, holding 1,743,629 shares which account for 1.0% of its total portfolio.
• Corning reported a quarterly earnings per share of $0.60, exceeding analysts' expectations, and also announced a quarterly dividend of $0.28 to be issued on September 29th.
• Equities research analysts have issued mainly favorable ratings for Corning, with a consensus average target price set at $66.75 and multiple upgrades in price targets from various firms.

Appaloosa LP grew its position in Corning Incorporated (NYSE:GLW - Free Report) by 16.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,743,629 shares of the electronics maker's stock after purchasing an additional 243,629 shares during the quarter. Corning makes up about 1.0% of Appaloosa LP's investment portfolio, making the stock its 18th largest holding. Appaloosa LP owned approximately 0.20% of Corning worth $79,823,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Federation des caisses Desjardins du Quebec boosted its holdings in shares of Corning by 104.9% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 41,364 shares of the electronics maker's stock valued at $1,894,000 after buying an additional 21,173 shares in the last quarter. Focus Partners Advisor Solutions LLC raised its holdings in shares of Corning by 63.2% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 20,350 shares of the electronics maker's stock worth $932,000 after acquiring an additional 7,884 shares during the period. Graham Capital Management L.P. raised its holdings in Corning by 22.6% in the 1st quarter. Graham Capital Management L.P. now owns 169,523 shares of the electronics maker's stock valued at $7,761,000 after buying an additional 31,260 shares during the period. Cyrus J. Lawrence LLC grew its position in Corning by 890.0% in the 1st quarter. Cyrus J. Lawrence LLC now owns 9,900 shares of the electronics maker's stock valued at $453,000 after acquiring an additional 8,900 shares in the last quarter. Finally, Vident Advisory LLC boosted its holdings in Corning by 295.5% in the first quarter. Vident Advisory LLC now owns 64,780 shares of the electronics maker's stock valued at $2,966,000 after purchasing an additional 48,400 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction that occurred on 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 directly owned 78,316 shares in the company, valued at $4,877,520.48. This trade represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 163,950 shares of company stock valued at $10,449,192 over the last three months. Company insiders own 0.32% of the company's stock.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.85 during trading on Monday, hitting $72.04. 3,515,929 shares of the company were exchanged, compared to its average volume of 5,699,420. The stock has a 50 day moving average of $60.60 and a 200 day moving average of $51.67. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $72.54. The company has a market cap of $61.71 billion, a PE ratio of 76.63, a P/E/G ratio of 1.59 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 issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping 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 net margin of 5.77% and a return on equity of 17.27%. During the same period last year, the business 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 EPS for the current year.

Corning Dividend Announcement

The firm 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 dividend of $0.28 per share. The ex-dividend date 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%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Mizuho upped their target price on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Susquehanna reissued a "positive" rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. UBS Group upgraded Corning from a "neutral" rating to a "buy" rating and boosted their target price for the company from $65.00 to $84.00 in a research note on Tuesday, September 2nd. Finally, Citigroup increased their target price on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average price target of $66.75.

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.