First County Bank CT Acquires New Holdings in Corning Incorporated $GLW

Key Points

• First County Bank CT acquired a new stake in Corning Incorporated during the second quarter, purchasing 4,381 shares valued at approximately $230,000.
• Corning's stock received multiple positive revisions in price targets, with Mizuho raising its target from $63.00 to $74.00, and UBS increasing it from $84.00 to $91.00, reflecting strong analyst sentiment.
• Insider selling was noted, with total sales of over $11 million in company shares by corporate insiders over the last ninety days, indicating potential shifts in management confidence.

First County Bank CT acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,381 shares of the electronics maker's stock, valued at approximately $230,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV lifted 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 period. Annis Gardner Whiting Capital Advisors LLC lifted 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 period. 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 during the period. Gen Wealth Partners Inc raised its position in Corning by 151.7% in the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after acquiring an additional 455 shares during the period. Finally, Banque Transatlantique SA bought a new position in Corning in the first quarter worth approximately $34,000. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Mizuho increased their price target on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Morgan Stanley set a $56.00 price target on shares of Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Wolfe Research initiated coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Finally, UBS Group increased their price target on shares of Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research report on Tuesday, September 23rd. 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 stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $70.08.

Insider Activity at Corning

In related news, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction 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 directly owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jaymin Amin sold 17,721 shares of the firm's stock in a transaction 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 transaction, the senior vice president directly owned 88,722 shares of the company's stock, valued at $6,847,563.96. The trade was a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 181,671 shares of company stock valued at $11,816,899 in the last ninety days. Corporate insiders own 0.32% of the company's stock.

Corning Stock Performance

Shares of NYSE GLW opened at $80.26 on Tuesday. The firm has a fifty day moving average price of $68.53 and a 200-day moving average price of $55.04. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The stock has a market cap of $68.75 billion, a PE ratio of 85.38, a price-to-earnings-growth 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.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period in the prior year, the company posted $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 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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