Empowered Funds LLC Reduces Position in Corning Incorporated $GLW

Key Points

• Empowered Funds LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 2.5%, owning 147,810 shares valued at approximately $6.77 million after selling 3,800 shares in Q1.
• Corning's quarterly earnings report showed $0.60 EPS, exceeding estimates of $0.57, with revenue reaching $3.86 billion, above analyst predictions.
• The company announced a quarterly dividend of $0.28 per share, representing a 1.5% yield and a dividend payout ratio of 119.15%.

Empowered Funds LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 147,810 shares of the electronics maker's stock after selling 3,800 shares during the quarter. Empowered Funds LLC's holdings in Corning were worth $6,767,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. Gotham Asset Management LLC purchased a new stake in Corning during the 4th quarter valued at about $306,000. Janus Henderson Group PLC raised its holdings in Corning by 2.1% in the 4th quarter. Janus Henderson Group PLC now owns 86,952 shares of the electronics maker's stock valued at $4,132,000 after acquiring an additional 1,766 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Corning by 5.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,182 shares of the electronics maker's stock worth $2,812,000 after purchasing an additional 2,835 shares in the last quarter. Finally, Northeast Financial Consultants Inc boosted its holdings in shares of Corning by 3.3% during the 4th quarter. Northeast Financial Consultants Inc now owns 46,563 shares of the electronics maker's stock worth $2,213,000 after purchasing an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GLW shares. Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Barclays upped 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. Argus reissued a "buy" rating and set a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Finally, Wall Street Zen lowered Corning from a "strong-buy" rating to a "hold" rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

Corning Trading Up 2.1%

NYSE:GLW traded up $1.56 during trading hours on Friday, reaching $77.03. 14,749,952 shares of the stock were exchanged, compared to its average volume of 7,333,147. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $77.87. The business has a 50-day moving average of $62.75 and a two-hundred day moving average of $52.49. The company has a market capitalization of $65.99 billion, a price-to-earnings ratio of 81.95, a PEG ratio of 1.69 and a beta of 1.09. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the previous year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.5%. Corning's dividend payout ratio (DPR) is presently 119.15%.

Insider Transactions at Corning

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 163,950 shares of company stock valued at $10,449,192. 0.40% of the stock is owned by corporate insiders.

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.