Corning Incorporated $GLW Shares Purchased by Blue Trust Inc.

Key Points

• Blue Trust Inc. increased its stake in Corning Incorporated by 38.4%, now holding 18,657 shares valued at approximately $981,000.
• Insider selling was notable, with EVP Lewis A. Steverson and CEO Wendell P. Weeks reducing their stakes by 29.51% and 9.21%, respectively, totaling over $6 million in sales.
• Corning plans to pay a quarterly dividend of $0.28 per share, translating to an annual yield of 1.3%, despite a high payout ratio of 119.15%.

Blue Trust Inc. grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 38.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,657 shares of the electronics maker's stock after acquiring an additional 5,177 shares during the quarter. Blue Trust Inc.'s holdings in Corning were worth $981,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Davis Investment Partners LLC acquired a new position in shares of Corning during the second quarter valued at about $251,000. Central Pacific Bank Trust Division increased its holdings in shares of Corning by 23.6% during the second quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker's stock valued at $3,838,000 after acquiring an additional 13,920 shares in the last quarter. Strs Ohio acquired a new position in shares of Corning during the first quarter valued at about $27,219,000. Acadian Asset Management LLC increased its holdings in shares of Corning by 4,346.5% during the first quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker's stock valued at $7,048,000 after acquiring an additional 150,521 shares in the last quarter. Finally, Intech Investment Management LLC increased its holdings in shares of Corning by 507.6% during the first quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker's stock valued at $9,665,000 after acquiring an additional 176,379 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the sale, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the sale, the chief executive officer 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. In the last quarter, insiders have sold 181,671 shares of company stock worth $11,816,899. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. UBS Group upped their price objective on shares of Corning from $84.00 to $91.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Susquehanna restated a "positive" rating and set a $75.00 price objective (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Barclays lifted their price objective on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Argus reissued a "buy" rating and set a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. Finally, Mizuho raised their target price on shares of Corning from $74.00 to $90.00 and gave the stock an "outperform" rating in a report on Friday, October 3rd. One investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

Corning Trading Down 4.8%

Corning stock opened at $83.00 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $87.78. The stock's 50 day simple moving average is $73.19 and its two-hundred day simple moving average is $57.25. The firm has a market cap of $71.10 billion, a PE ratio of 88.30, a P/E/G ratio of 1.85 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last released 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. Corning had a return on equity of 17.27% and a net margin of 5.77%.The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the prior year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

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.