Corning Incorporated $GLW Stock Position Raised by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC increased its position in Corning Incorporated by 4,346.5% in the 1st quarter, owning 153,984 shares valued at approximately $7.048 million.
• Corning's quarterly earnings exceeded analyst expectations with an EPS of $0.60, and revenue reached $3.86 billion, compared to estimates of $3.84 billion.
• The company announced a quarterly dividend of $0.28 per share, with a dividend yield of 1.5% and a payout ratio of 119.15%.

Acadian Asset Management LLC lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 4,346.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 153,984 shares of the electronics maker's stock after acquiring an additional 150,521 shares during the quarter. Acadian Asset Management LLC's holdings in Corning were worth $7,048,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Amundi lifted its position in shares of Corning by 64.3% in the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock valued at $271,237,000 after acquiring an additional 2,507,797 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Corning by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after buying an additional 80,872 shares during the period. Invesco Ltd. increased its stake in Corning by 4.8% in the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after buying an additional 288,328 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Corning by 10.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker's stock valued at $267,546,000 after buying an additional 558,184 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Corning by 6.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock valued at $251,190,000 after buying an additional 303,607 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of GLW opened at $77.03 on Friday. The company's fifty day moving average is $62.75 and its 200-day moving average is $52.48. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $77.87. The firm has a market cap of $65.99 billion, a price-to-earnings ratio of 81.95, a price-to-earnings-growth 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 announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the prior year, the business posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is currently 119.15%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. UBS Group upgraded shares of Corning from a "neutral" rating to a "buy" rating and upped their price objective for the company from $65.00 to $84.00 in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. upped their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Argus reiterated a "buy" rating and issued a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Finally, Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

Insider Buying and Selling at Corning

In related news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following 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. Insiders sold 163,950 shares of company stock worth $10,449,192 in the last quarter. 0.40% of the stock is owned by corporate insiders.

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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