Boothbay Fund Management LLC Increases Position in Corning Incorporated $GLW

Key Points

• Boothbay Fund Management LLC significantly increased its stake in Corning Incorporated by 3,433.1% in Q1, now owning 183,547 shares worth approximately $8.4 million.
• Corning recently reported an EPS of $0.60, beating estimates, with revenue reaching $3.86 billion, exceeding expectations of $3.84 billion.
• The company has announced a quarterly dividend of $0.28, to be paid on September 29th, reflecting a 1.6% yield with a payout ratio of 119.15%.

Boothbay Fund Management LLC boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 3,433.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 183,547 shares of the electronics maker's stock after buying an additional 178,352 shares during the period. Boothbay Fund Management LLC's holdings in Corning were worth $8,403,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vermillion Wealth Management Inc. acquired a new position in Corning in the fourth quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in Corning in the fourth quarter worth $30,000. Investment Management Corp VA ADV grew its holdings in Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Corning by 90.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the period. Finally, Gen Wealth Partners Inc grew its holdings in Corning by 151.7% in the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after purchasing an additional 455 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity

In other news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction on 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 sale, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This trade represents a 29.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of the company's 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 transaction, the chief executive officer directly owned 809,295 shares in the company, valued at $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 quarter, insiders sold 163,950 shares of company stock worth $10,449,192. 0.32% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on GLW. Morgan Stanley set a $56.00 price target on shares of Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. UBS Group upgraded shares of Corning from a "neutral" rating to a "buy" rating and raised their price target for the stock from $65.00 to $84.00 in a report on Tuesday, September 2nd. Argus restated a "buy" rating and issued a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. Finally, Susquehanna restated a "positive" rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

Corning Stock Up 1.3%

Shares of GLW traded up $0.90 during trading hours on Monday, reaching $72.09. 13,040,666 shares of the stock traded hands, compared to its average volume of 5,737,232. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock has a fifty day simple moving average of $60.60 and a 200 day simple 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 $61.75 billion, a price-to-earnings ratio of 76.69, a PEG ratio of 1.59 and a beta of 1.09.

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 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 period last year, the firm earned $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 year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.6%. Corning's dividend payout ratio (DPR) is currently 119.15%.

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.