Corning Incorporated $GLW Shares Purchased by Cwm LLC

Key Points

• Cwm LLC significantly increased its holdings in Corning Incorporated by 117.4%, acquiring a total of 65,235 shares worth approximately $3.43 million during the second quarter.
• Corning's CEO, Wendell P. Weeks, sold 82,103 shares amounting to over $5.35 million, which represented a 9.21% decrease in his stock position.
• Equity analysts have given mixed ratings, with Citigroup raising its price target from $72.00 to $93.00 while maintaining a "buy" rating for Corning stock.

Cwm LLC increased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 117.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 65,235 shares of the electronics maker's stock after acquiring an additional 35,223 shares during the quarter. Cwm LLC's holdings in Corning were worth $3,431,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of GLW. REAP Financial Group LLC boosted its position in Corning by 191.5% during the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock worth $27,000 after acquiring an additional 339 shares during the last quarter. Investment Management Corp VA ADV boosted its position in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its position in Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares during the last quarter. Banque Transatlantique SA acquired a new stake in Corning during the first quarter worth approximately $34,000. Finally, Resources Management Corp CT ADV boosted its position in Corning by 66.7% during the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after acquiring an additional 300 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insiders Place Their Bets

In related news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction 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 sale, the chief executive officer owned 809,295 shares of the company's stock, valued at $52,757,941.05. The trade was a 9.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jaymin Amin sold 17,721 shares of Corning stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the sale, the senior vice president directly owned 88,722 shares in the company, valued at $6,847,563.96. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 181,671 shares of company stock worth $11,816,899. 0.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on GLW shares. Citigroup increased their price target on shares of Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. Morgan Stanley increased their price target on shares of Corning from $56.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Friday, October 10th. Susquehanna reaffirmed a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Corning Stock Performance

Shares of GLW stock opened at $84.49 on Friday. The company's fifty day simple moving average is $75.33 and its 200-day simple moving average is $58.54. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $87.78. 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 company has a market cap of $72.38 billion, a PE ratio of 89.88, a P/E/G ratio of 1.93 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last issued its 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 business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter last year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts anticipate 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 Friday, December 12th. Stockholders of record on Friday, November 14th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, November 14th. Corning's dividend payout ratio (DPR) is currently 119.15%.

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.

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