APG Asset Management N.V. Sells 77,614 Shares of Corning Incorporated $GLW

Key Points

• APG Asset Management N.V. reduced its stake in Corning Incorporated by 8.4%, holding 845,079 shares worth approximately $35.8 million after selling 77,614 shares in the first quarter.
• Corning's CEO, Wendell P. Weeks, and COO, Avery H. Nelson III, recently sold large amounts of stock, with Weeks selling 82,103 shares and Nelson selling 36,240 shares, marking significant decreases in their ownership positions.
• Corning announced a quarterly dividend of $0.28 per share, set to be paid on September 29th, representing an annualized yield of 1.7% and a payout ratio of 119.15%.

APG Asset Management N.V. cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 8.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 845,079 shares of the electronics maker's stock after selling 77,614 shares during the period. APG Asset Management N.V. owned approximately 0.10% of Corning worth $35,815,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LMR Partners LLP raised its holdings in Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after acquiring an additional 700,442 shares in the last quarter. Gotham Asset Management LLC acquired a new position in Corning in the 4th quarter valued at $306,000. GAMMA Investing LLC raised its holdings in Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after acquiring an additional 2,567 shares in the last quarter. Dynamic Advisor Solutions LLC raised its holdings in Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after acquiring an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Corning by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after acquiring an additional 23,781 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction dated 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. The trade was a 29.51% decrease in their position. The transaction was disclosed in a filing 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 dated 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 completion of the sale, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 211,484 shares of company stock worth $12,813,804. Company insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Barclays boosted their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Citigroup boosted their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. JPMorgan Chase & Co. boosted their price target on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Oppenheimer reissued an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $65.17.

Corning Price Performance

GLW traded up $0.72 on Tuesday, reaching $67.50. The stock had a trading volume of 5,419,065 shares, compared to its average volume of 5,902,013. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $67.68. The firm has a 50-day moving average of $57.82 and a 200-day moving average of $50.78. 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 capitalization of $57.83 billion, a price-to-earnings ratio of 71.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 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.