Davis Investment Partners LLC Acquires New Shares in Corning Incorporated $GLW

Key Points

• Davis Investment Partners LLC acquired a new stake of 4,781 shares in Corning Incorporated valued at approximately $251,000 during the second quarter.
• CEO Wendell P. Weeks sold 82,103 shares for over $5.35 million, decreasing his ownership by 9.21% and indicating insider selling activity at the company.
• Corning recently declared a quarterly dividend of $0.28 per share, reflecting an annualized dividend yield of 1.5% with a payout ratio of 119.15%.

Davis Investment Partners LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,781 shares of the electronics maker's stock, valued at approximately $251,000.

A number of other institutional investors have also recently bought and sold shares of GLW. Vermillion Wealth Management Inc. acquired a new stake in Corning during the fourth quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in Corning during the fourth quarter valued at $30,000. Investment Management Corp VA ADV boosted its position in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its position in Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares during the last quarter. Finally, Banque Transatlantique SA acquired a new stake in shares of Corning in the first quarter worth about $34,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity

In related news, CEO Wendell P. Weeks sold 82,103 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares in the company, valued at $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. Over the last ninety days, insiders sold 163,950 shares of company stock valued at $10,449,192. Corporate insiders own 0.32% of the company's stock.

Corning Trading Up 2.1%

Corning stock opened at $77.03 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The business's 50-day simple moving average is $62.75 and its 200-day simple moving average is $52.52. The firm has a market capitalization of $65.99 billion, a PE ratio of 81.95, a PEG ratio of 1.73 and a beta of 1.09. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $77.87.

Corning (NYSE:GLW - Get Free Report) last posted 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 return on equity of 17.27% and a net margin of 5.77%.The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period in the previous year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. Argus reaffirmed a "buy" rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. UBS Group raised Corning from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $65.00 to $84.00 in a research report on Tuesday, September 2nd. Barclays boosted their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Wolfe Research began coverage on Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $66.75.

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.

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