Corning Incorporated $GLW Stake Lessened by Alpha Omega Wealth Management LLC

Key Points

• Alpha Omega Wealth Management LLC has decreased its stake in Corning Incorporated by 5.9%, holding 85,190 shares worth approximately $4.48 million following the sale.
• Corning's recent earnings report showed a profit of $0.60 per share, exceeding analysts' expectations of $0.57, with revenue reaching $3.86 billion.
• The company also declared a quarterly dividend of $0.28 per share, reflecting a payout ratio of 119.15%, with the dividend yield standing at 1.4%.

Alpha Omega Wealth Management LLC cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 5.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,190 shares of the electronics maker's stock after selling 5,308 shares during the period. Alpha Omega Wealth Management LLC's holdings in Corning were worth $4,480,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Amundi boosted its holdings in Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after buying an additional 2,507,797 shares in the last quarter. Nuveen LLC bought a new stake in Corning during the first quarter worth approximately $104,789,000. Kingstone Capital Partners Texas LLC bought a new stake in Corning during the second quarter worth approximately $92,560,000. Assenagon Asset Management S.A. boosted its holdings in Corning by 101.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after buying an additional 1,483,151 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Corning by 3,441.4% during the first quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after buying an additional 1,156,746 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other news, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was 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 directly owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of the business's stock in a transaction 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 directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 181,671 shares of company stock worth $11,816,899. Company insiders own 0.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on GLW shares. Argus reiterated a "buy" rating and issued a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. Barclays increased their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Susquehanna restated a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Morgan Stanley set a $56.00 price target on shares of Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $66.75.

Corning Trading Down 0.6%

Shares of NYSE GLW opened at $79.11 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The business has a fifty day simple moving average of $65.89 and a two-hundred day simple moving average of $53.83. The firm has a market cap of $67.76 billion, a PE ratio of 84.15, a price-to-earnings-growth ratio of 1.78 and a beta of 1.09. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $79.98.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same period in the previous year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. Corning's 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.

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