Corning Incorporated $GLW Shares Sold by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. significantly reduced its stake in Corning Incorporated by 70.7%, owning 15,897 shares after selling 38,286 shares.
• Corning's quarterly earnings report showed an earnings per share of $0.60, exceeding the consensus estimate of $0.57, with revenues of $3.86 billion.
• The company declared a quarterly dividend of $0.28, representing a yield of 1.7% and a dividend payout ratio of 119.15%.

Fox Run Management L.L.C. trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 70.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,897 shares of the electronics maker's stock after selling 38,286 shares during the quarter. Fox Run Management L.L.C.'s holdings in Corning were worth $728,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of GLW. Vermillion Wealth Management Inc. purchased a new position in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning in the 4th quarter worth $30,000. Investment Management Corp VA ADV boosted its holdings in shares of Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares during the period. Finally, Headlands Technologies LLC purchased a new position in Corning during the first quarter worth about $38,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GLW shares. Mizuho lifted their price objective on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Oppenheimer restated an "outperform" rating and issued a $72.00 price target (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Citigroup raised their target price on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Argus restated a "buy" rating and set a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. Finally, Susquehanna reiterated a "positive" rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.17.

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 transaction of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. This trade represents a 29.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 211,484 shares of company stock valued at $12,813,804. Corporate insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of GLW traded up $0.8990 during trading hours on Friday, reaching $65.7890. 1,131,918 shares of the company traded hands, compared to its average volume of 5,597,090. 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 capitalization of $56.36 billion, a PE ratio of 70.02, a price-to-earnings-growth ratio of 1.45 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50. The stock has a fifty day simple moving average of $56.83 and a 200 day simple moving average of $50.51.

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

Corning Dividend Announcement

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

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.