Corning Incorporated $GLW Stock Position Lifted by Otter Creek Advisors LLC

Key Points

• Otter Creek Advisors LLC increased its position in Corning Incorporated (NYSE: GLW) by 90.6%, owning 85,333 shares valued at approximately $4.49 million as of the most recent SEC filing.
• Corning's Q2 earnings surpassed analyst expectations, reporting $0.60 earnings per share on revenue of $3.86 billion, which also beat estimates.
• The company announced a quarterly dividend of $0.28 per share, payable on December 12th, with a current yield of 1.3%.

Otter Creek Advisors LLC lifted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 90.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,333 shares of the electronics maker's stock after purchasing an additional 40,574 shares during the quarter. Corning accounts for approximately 3.2% of Otter Creek Advisors LLC's holdings, making the stock its 11th largest position. Otter Creek Advisors LLC's holdings in Corning were worth $4,488,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of GLW. Brighton Jones LLC grew its stake 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 worth $319,000 after purchasing an additional 2,114 shares in the last quarter. GAMMA Investing LLC grew its holdings in Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after acquiring an additional 2,567 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Corning by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after acquiring an additional 23,781 shares during the period. Sowell Financial Services LLC acquired a new position in Corning during the first quarter worth about $418,000. Finally, QRG Capital Management Inc. grew its holdings in Corning by 10.1% during the first quarter. QRG Capital Management Inc. now owns 42,312 shares of the electronics maker's stock worth $1,937,000 after acquiring an additional 3,883 shares during the period. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GLW shares. Argus reaffirmed a "buy" rating and set a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley lifted their target price on Corning from $56.00 to $75.00 and gave the stock an "equal weight" rating in a report on Friday, October 10th. JPMorgan Chase & Co. lifted their target price on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Corning in a report on Wednesday, October 8th. Finally, Citigroup lifted their target price on Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Corning Trading Down 2.6%

NYSE:GLW opened at $84.49 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 1-year low of $37.31 and a 1-year high of $87.78. The firm has a market capitalization of $72.38 billion, a price-to-earnings ratio of 89.88, a price-to-earnings-growth ratio of 1.93 and a beta of 1.14. The stock has a fifty day simple moving average of $75.33 and a 200 day simple moving average of $58.54.

Corning (NYSE:GLW - Get Free Report) last released its quarterly 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. Corning had a return on equity of 17.27% and a net margin of 5.77%.The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same quarter last year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, November 14th. Corning's dividend payout ratio is currently 119.15%.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated 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 sale, the chief operating officer directly owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 181,671 shares of company stock worth $11,816,899. 0.40% of the stock is currently owned by company 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.

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