Corning Incorporated $GLW Shares Sold by Aull & Monroe Investment Management Corp

Key Points

• Aull & Monroe Investment Management Corp reduced its stake in Corning Incorporated by 13.0%, owning 29,569 shares worth approximately $1.55 million after selling 4,400 shares during the second quarter.
• CEO Wendell P. Weeks sold 82,103 shares of Corning stock for over $5.35 million, marking a 9.21% decrease in his ownership of the company.
• Corning announced a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, to be distributed on December 12, 2023.

Aull & Monroe Investment Management Corp trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 13.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,569 shares of the electronics maker's stock after selling 4,400 shares during the period. Aull & Monroe Investment Management Corp's holdings in Corning were worth $1,555,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Brighton Jones LLC grew its holdings in Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after acquiring an additional 2,114 shares during the period. GAMMA Investing LLC grew its holdings in Corning by 29.2% in the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after purchasing an additional 2,567 shares during the period. Sowell Financial Services LLC acquired a new stake in Corning in the first quarter valued at approximately $418,000. State of Alaska Department of Revenue grew its holdings in Corning by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 90,284 shares of the electronics maker's stock valued at $4,133,000 after purchasing an additional 2,410 shares during the period. Finally, ORG Wealth Partners LLC acquired a new stake in Corning in the first quarter valued at approximately $92,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the transaction, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,671 shares of company stock valued at $11,816,899 in the last 90 days. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Barclays raised their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Citigroup raised their price objective on Corning from $72.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Mizuho raised their price objective on Corning from $74.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, October 3rd. Finally, Wolfe Research began coverage on Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

Corning Stock Performance

NYSE GLW opened at $84.49 on Friday. The company has a market cap of $72.38 billion, a PE ratio of 89.88, a price-to-earnings-growth ratio of 1.89 and a beta of 1.14. The stock's 50 day simple moving average is $75.33 and its 200-day simple moving average is $58.62. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $87.78. 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 announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 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 firm 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 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 anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

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.