Corning Incorporated $GLW Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp reduced its holdings in Corning Incorporated (NYSE: GLW) by 10%, owning 96,628 shares valued at approximately $5.08 million after selling 10,754 shares in the second quarter.
• Several hedge funds have significantly increased their positions in Corning, with Investment Management Corp VA ADV raising its stake by 165.9% in the first quarter.
• Corning's recent earnings report showed an EPS of $0.60, exceeding analyst estimates, and the company's third quarter guidance for EPS is projected between $0.630 and $0.670.

Fifth Third Bancorp trimmed its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 10.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 96,628 shares of the electronics maker's stock after selling 10,754 shares during the period. Fifth Third Bancorp's holdings in Corning were worth $5,082,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. Investment Management Corp VA ADV raised its holdings in shares of Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the period. Banque Transatlantique SA purchased a new position in shares of Corning in the 1st quarter worth about $34,000. Resources Management Corp CT ADV raised its holdings in shares of Corning by 66.7% in the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after purchasing an additional 300 shares during the period. Finally, Gen Wealth Partners Inc raised its holdings in shares of Corning by 151.7% in the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after purchasing an additional 455 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GLW. Barclays raised their price objective on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and set a $72.00 target price (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley set a $56.00 target price on Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Wall Street Zen downgraded Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. Finally, Susquehanna reiterated a "positive" rating and set a $75.00 target price (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $70.08.

Corning Price Performance

GLW stock opened at $79.11 on Friday. 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 Incorporated has a 52-week low of $37.31 and a 52-week high of $81.58. The stock's 50 day moving average is $67.50 and its two-hundred day moving average is $54.44. The company has a market capitalization of $67.76 billion, a PE ratio of 84.15, a P/E/G ratio of 1.78 and a beta of 1.09.

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, topping 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 company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the previous year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Corning

In other news, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction that occurred on 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 completion of the transaction, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $5,352,294.57. Following the completion of the transaction, the chief executive officer owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock worth $11,816,899 over the last ninety days. Company insiders own 0.40% of the company's stock.

Corning Company 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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