FARMERS & MERCHANTS TRUST Co OF LONG BEACH Buys Shares of 10,952 Corning Incorporated $GLW

Key Points

• Farmers & Merchants Trust Co of Long Beach acquired 10,952 shares of Corning Incorporated, valued at approximately $576,000, during the 2nd quarter.
• Corning's COO, Avery H. Nelson III, sold 36,240 shares for over $2.25 million, resulting in a 35.85% decrease in their ownership stake.
• Analysts have set new price targets for Corning, with UBS Group raising its target from $84.00 to $91.00 and Citigroup increasing its target from $72.00 to $93.00, indicating strong positive sentiment towards the stock.

FARMERS & MERCHANTS TRUST Co OF LONG BEACH acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,952 shares of the electronics maker's stock, valued at approximately $576,000.

Other large investors also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV increased its holdings 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 buying an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares in the last quarter. Banque Transatlantique SA bought a new position in Corning in the 1st quarter worth $34,000. Resources Management Corp CT ADV lifted its position in Corning by 66.7% during the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 300 shares in the last quarter. Finally, Gen Wealth Partners Inc grew its holdings in Corning by 151.7% during the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 455 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other news, COO Avery H. Nelson III sold 36,240 shares of the company'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 sale, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value 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 approximately $2,228,933.48. This represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,671 shares of company stock worth $11,816,899. 0.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. Argus reaffirmed a "buy" rating and issued a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 target price (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. UBS Group increased their price target on Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Finally, Citigroup boosted their price objective on Corning from $72.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday. One 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 company's stock. Based on data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average price target of $70.08.

Corning Stock Performance

NYSE:GLW opened at $79.33 on Monday. The company has a market cap of $67.96 billion, a price-to-earnings ratio of 84.39, a PEG ratio of 1.77 and a beta of 1.09. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $81.58. The stock's 50 day simple moving average is $68.01 and its two-hundred day simple moving average is $54.80. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW - Get Free Report) last posted 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 firm had revenue of $3.86 billion during 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 last year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

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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