Cullen Frost Bankers Inc. Purchases 23,776 Shares of Corning Incorporated $GLW

Key Points

• Cullen Frost Bankers Inc. increased its holdings in Corning Incorporated by 3.0%, acquiring an additional 23,776 shares to reach a total of 814,925 shares valued at approximately $42.9 million.
• Research firms have revised their ratings for Corning, with Citigroup raising its price target from $72.00 to $93.00, while the consensus target price stands at $73.00.
• Corning announced a quarterly dividend of $0.28 to be paid on December 12th, reflecting a 1.3% dividend yield; the company's payout ratio is 119.15%.

Cullen Frost Bankers Inc. raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 3.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 814,925 shares of the electronics maker's stock after acquiring an additional 23,776 shares during the quarter. Cullen Frost Bankers Inc. owned approximately 0.10% of Corning worth $42,857,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. REAP Financial Group LLC lifted its holdings in shares of Corning by 191.5% in the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock worth $27,000 after acquiring an additional 339 shares during the last quarter. Investment Management Corp VA ADV lifted 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 worth $34,000 after acquiring an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Corning by 90.1% in 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 last quarter. Resources Management Corp CT ADV lifted its holdings in shares of Corning by 66.7% in the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after acquiring an additional 300 shares during the last quarter. Finally, Gen Wealth Partners Inc lifted its holdings in shares of Corning by 151.7% in the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after acquiring an additional 455 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GLW. Weiss Ratings reissued a "hold (c+)" rating on shares of Corning in a report on Wednesday, October 8th. Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Citigroup raised their price objective on shares of Corning from $72.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Wall Street Zen lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. Finally, Susquehanna reiterated a "positive" rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Corning Stock Performance

NYSE:GLW opened at $86.18 on Wednesday. The company has a market capitalization of $73.82 billion, a PE ratio of 91.68, a P/E/G ratio of 1.90 and a beta of 1.14. The company has a 50 day simple moving average of $76.15 and a two-hundred day simple moving average of $59.25. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $87.78.

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

Corning Announces Dividend

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

Insider Buying and Selling

In other news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the sale, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. The trade was a 9.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on 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 sale, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. This represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,671 shares of company stock worth $11,816,899 over the last ninety days. 0.32% of the stock is owned by company 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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