Corning Incorporated $GLW Stock Sold by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management cut its Corning position by 37.8% in the third quarter, selling 10,246 shares and retaining 16,830 shares valued at approximately $2.57 million. Institutional investors and hedge funds collectively own 69.8% of Corning stock.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and seven Hold ratings producing a “Moderate Buy” consensus and an average price target of $177.56.
• Corning exceeded quarterly earnings and revenue expectations, reporting $0.78 EPS and $4.74 billion in revenue, while also declaring a quarterly dividend of $0.28 per share, equivalent to a 0.8% yield.

NorthCrest Asset Manangement LLC trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 37.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,830 shares of the electronics maker's stock after selling 10,246 shares during the period. NorthCrest Asset Manangement LLC's holdings in Corning were worth $2,572,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Atwood & Palmer Inc. bought a new stake in Corning in the second quarter valued at about $26,000. Rogco LP bought a new position in Corning during the 2nd quarter worth approximately $27,000. Toth Financial Advisory Corp lifted its holdings in Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker's stock worth $27,000 after buying an additional 98 shares during the last quarter. Cornerstone Financial Management LLC lifted its holdings in Corning by 63.3% during the 2nd quarter. Cornerstone Financial Management LLC now owns 196 shares of the electronics maker's stock worth $50,000 after buying an additional 76 shares during the last quarter. Finally, First PREMIER Bank acquired a new position in shares of Corning in the 2nd quarter worth approximately $51,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GLW. Truist Financial lifted their target price on Corning from $175.00 to $182.00 and gave the stock a "buy" rating in a research report on Friday, October 2nd. The Goldman Sachs Group reissued an "outperform" rating on shares of Corning in a research report on Tuesday, September 15th. UBS Group raised their price objective on Corning from $196.00 to $201.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Citigroup reduced their price objective on Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a research note on Wednesday, July 29th. Finally, Barclays decreased their price objective on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a report on Wednesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $177.56.

Corning Stock Performance

GLW stock opened at $148.52 on Wednesday. The company has a market capitalization of $127.93 billion, a P/E ratio of 51.32, a PEG ratio of 1.88 and a beta of 1.13. The company has a 50-day simple moving average of $155.55 and a 200 day simple moving average of $168.87. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning's revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Sell-side analysts predict that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Corning's dividend payout ratio (DPR) is 51.14%.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is owned by company insiders.

Corning Company Profile

Corning Incorporated NYSE: GLW is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.

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