Diversified Trust Co Has $661,000 Stake in Corning Incorporated $GLW

Key Points

• Diversified Trust Co reduced its stake in Corning Incorporated by 20.8%, holding 12,567 shares worth $661,000 at the end of the second quarter.
• Analysts have set a consensus price target of $66.75 for Corning's stock, with ratings including one Strong Buy and eleven Buy ratings.
• Corning recently announced a quarterly dividend of $0.28 per share, representing an annual yield of 1.4% and a payout ratio of 119.15%.

Diversified Trust Co trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 20.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,567 shares of the electronics maker's stock after selling 3,298 shares during the period. Diversified Trust Co's holdings in Corning were worth $661,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Davis Investment Partners LLC acquired a new stake in Corning in the second quarter valued at $251,000. Central Pacific Bank Trust Division boosted its position in Corning by 23.6% during the second quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker's stock valued at $3,838,000 after acquiring an additional 13,920 shares during the last quarter. Strs Ohio bought a new stake in Corning during the first quarter valued at $27,219,000. Acadian Asset Management LLC boosted its position in Corning by 4,346.5% during the first quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker's stock valued at $7,048,000 after acquiring an additional 150,521 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in Corning by 507.6% during the first quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker's stock valued at $9,665,000 after acquiring an additional 176,379 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on GLW shares. Argus reaffirmed a "buy" rating and set a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Mizuho upped their price target on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Susquehanna reissued a "positive" rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. One investment 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $66.75.

Corning Trading Down 0.6%

Shares of GLW stock opened at $79.11 on Tuesday. The company has a 50 day moving average of $65.89 and a 200-day moving average of $53.83. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $79.98. The firm has a market cap of $67.76 billion, a P/E ratio of 84.15, a PEG ratio of 1.78 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same quarter last year, the business posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is currently 119.15%.

Insiders Place Their Bets

In related news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 809,295 shares in the company, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock worth $11,816,899 in the last three months. Insiders own 0.32% of the company's stock.

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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