Corning Incorporated $GLW Shares Sold by Capital Advisors Inc. OK

Key Points

• Capital Advisors Inc. OK cut its Corning stake by 14.2% in the second quarter, selling 45,119 shares and retaining 273,257 shares valued at about $69.8 million. Institutional investors collectively own 69.8% of Corning.
• Corning reported quarterly EPS of $0.78, beating estimates of $0.76, while revenue rose 17.1% year over year to $4.74 billion. The company guided for third-quarter EPS of $0.85–$0.89 and declared a quarterly dividend of $0.28 per share.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $174.08, despite several recent target-price reductions. CEO Wendell P. Weeks also sold 100,000 shares in June.

Capital Advisors Inc. OK reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 14.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 273,257 shares of the electronics maker's stock after selling 45,119 shares during the period. Corning accounts for about 1.0% of Capital Advisors Inc. OK's portfolio, making the stock its 28th largest holding. Capital Advisors Inc. OK's holdings in Corning were worth $69,798,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Berbice Capital Management LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $26,000. Basepoint Wealth LLC purchased a new position in Corning during the fourth quarter worth approximately $26,000. Atwood & Palmer Inc. purchased a new position in Corning during the second quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new position in Corning during the fourth quarter worth $27,000. Finally, Litman Gregory Wealth Management LLC purchased a new stake in Corning in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 2.6%

NYSE GLW opened at $148.87 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The stock has a market capitalization of $128.23 billion, a P/E ratio of 67.98, a PEG ratio of 1.91 and a beta of 1.14. The firm's 50-day moving average is $171.18 and its two-hundred day moving average is $164.60. Corning Incorporated has a 12 month low of $66.14 and a 12 month high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same period in the previous year, the firm earned $0.60 EPS. The business's revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning's dividend payout ratio is 51.14%.

Insider Activity

In other news, CEO Wendell P. Weeks sold 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group reiterated a "buy" rating and set a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Oppenheimer dropped their price objective on shares of Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Truist Financial raised shares of Corning from a "hold" rating to a "buy" rating and reduced their target price for the stock from $205.00 to $175.00 in a research note on Sunday, August 2nd. Finally, Mizuho decreased their target price on shares of Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $174.08.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

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