Fideuram Intesa Sanpaolo Private Banking S.P.A. Sells 10,403 Shares of Corning Incorporated $GLW

Key Points

• Fideuram Intesa Sanpaolo Private Banking reduced its Corning stake by 23.1% in the first quarter, selling 10,403 shares and leaving it with 34,576 shares valued at about $4.7 million.
• Corning reported strong quarterly results, with EPS of $0.70 beating estimates and revenue of $4.34 billion topping forecasts; revenue also rose 18.1% year over year.
• The company recently announced a quarterly dividend of $0.28 per share, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and a $186.46 price target.

Fideuram Intesa Sanpaolo Private Banking S.P.A. cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 23.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 34,576 shares of the electronics maker's stock after selling 10,403 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A.'s holdings in Corning were worth $4,701,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Corning in the third quarter worth $25,000. Berbice Capital Management LLC purchased a new stake in shares of Corning during the fourth quarter valued at $26,000. Basepoint Wealth LLC purchased a new position in Corning in the 4th quarter worth about $26,000. Kemnay Advisory Services Inc. purchased a new position in Corning in the 4th quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in Corning during the 4th quarter valued at about $31,000. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of Corning stock opened at $196.12 on Friday. The stock has a market cap of $168.79 billion, a P/E ratio of 93.84, a P/E/G ratio of 2.82 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The stock's fifty day moving average is $190.59 and its 200 day moving average is $146.38. Corning Incorporated has a one year low of $51.32 and a one year high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. Corning's revenue for the quarter was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Sell-side analysts anticipate that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.6%. Corning's dividend payout ratio (DPR) is currently 53.59%.

Insiders Place Their Bets

In related news, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the sale, the senior vice president owned 25,570 shares of the company's stock, valued at approximately $5,273,301.10. This trade represents a 43.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Z. Zhang sold 10,000 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the transaction, the vice president directly owned 5,138 shares in the company, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 160,655 shares of company stock valued at $30,692,560. Insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research analyst reports. Citigroup lifted their price target on shares of Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. UBS Group increased their price objective on shares of Corning from $223.00 to $228.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Mizuho lifted their target price on shares of Corning from $220.00 to $270.00 and gave the stock an "outperform" rating in a research report on Wednesday. Barclays boosted their target price on shares of Corning from $149.00 to $180.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Finally, Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $186.46.

Corning Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

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