Fiduciary Alliance LLC Sells 54,598 Shares of Corning Incorporated $GLW

Key Points

• Fiduciary Alliance LLC has significantly reduced its stake in Corning Incorporated by 74.9%, selling 54,598 shares during the second quarter, leaving them with 18,337 shares valued at approximately $964,000.
• Corning's latest quarterly earnings report showed an EPS of $0.60, beating estimates, with revenue reported at $3.86 billion, slightly above the consensus estimate of $3.84 billion.
• The company recently announced a quarterly dividend of $0.28 per share, which represents an annualized yield of 1.5%, although their dividend payout ratio is notably high at 119.15%.

Fiduciary Alliance LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 74.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,337 shares of the electronics maker's stock after selling 54,598 shares during the period. Fiduciary Alliance LLC's holdings in Corning were worth $964,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. Leigh Baldwin & CO. LLC increased its holdings in Corning by 1.7% during the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock worth $573,000 after acquiring an additional 210 shares during the period. University of Texas Texas AM Investment Management Co. boosted its stake in shares of Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after purchasing an additional 214 shares in the last quarter. Harbour Investments Inc. boosted its stake in shares of Corning by 2.4% in the 1st quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock valued at $434,000 after purchasing an additional 224 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Corning by 4.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker's stock valued at $227,000 after purchasing an additional 224 shares in the last quarter. Finally, Old North State Wealth Management LLC grew its holdings in Corning by 0.6% in the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after acquiring an additional 239 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of GLW traded down $0.05 during mid-day trading on Friday, hitting $79.57. 10,763,561 shares of the company traded hands, compared to its average volume of 9,169,782. 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 stock has a 50-day moving average price of $65.38 and a two-hundred day moving average price of $53.55. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $79.98. The stock has a market cap of $68.16 billion, a price-to-earnings ratio of 84.65, a P/E/G ratio of 1.78 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating 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 firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. During the same period in the previous year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities 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 Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is presently 119.15%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GLW shares. Citigroup raised their price target on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Wolfe Research started coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Wall Street Zen lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. JPMorgan Chase & Co. raised their price target on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, Argus reissued a "buy" rating and issued a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Activity

In related news, SVP Jaymin Amin sold 17,721 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the completion of the sale, the senior vice president directly owned 88,722 shares in the company, valued at approximately $6,847,563.96. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction that occurred 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 sale, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock valued at $11,816,899 over the last three months. Corporate insiders own 0.40% of the company's stock.

Corning 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.