Cresset Asset Management LLC Has $13.60 Million Stock Position in Corning Incorporated $GLW

Key Points

• Cresset Asset Management LLC reduced its stake in Corning Incorporated by 1.8%, holding 297,063 shares worth approximately $13.6 million at the end of the last quarter.
• Corning's CEO, Wendell P. Weeks, sold 82,103 shares for over $5.35 million, significantly reducing his ownership by 9.21%.
• Several analysts have recently upgraded their price targets for Corning stock, with Oppenheimer pushing the target to $72, while Citigroup set theirs at $60.

Cresset Asset Management LLC trimmed its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 1.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 297,063 shares of the electronics maker's stock after selling 5,353 shares during the period. Cresset Asset Management LLC's holdings in Corning were worth $13,600,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GLW. Polar Capital Holdings Plc bought a new stake in Corning in the fourth quarter worth approximately $124,253,000. Nuveen LLC acquired a new stake in shares of Corning in the first quarter worth $104,789,000. Assenagon Asset Management S.A. lifted its stake in shares of Corning by 101.0% in 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 during the last quarter. SG Americas Securities LLC lifted its stake in shares of Corning by 3,441.4% in 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 during the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Corning by 37.1% in the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after buying an additional 1,037,875 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLW has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Citigroup upped their target price on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Morgan Stanley set a $56.00 target price on shares of Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Finally, UBS Group upped their target price on shares of Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $65.17.

Corning Price Performance

NYSE:GLW traded up $0.2760 during mid-day trading on Thursday, reaching $64.8760. 3,526,487 shares of the company were exchanged, compared to its average volume of 5,625,355. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50. The company has a fifty day moving average of $56.55 and a 200 day moving average of $50.42. 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 stock has a market cap of $55.57 billion, a PE ratio of 69.02, a PEG ratio of 1.45 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm 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 firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. Corning's dividend payout ratio is currently 119.15%.

Insider Buying and Selling

In other news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at $4,036,813.88. This trade represents a 35.85% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,484 shares of company stock worth $12,813,804. 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.