Foster & Motley Inc. Sells 9,517 Shares of Corning Incorporated $GLW

Key Points

• Foster & Motley Inc. reduced its holdings in Corning Incorporated by 7.7% by selling 9,517 shares, now owning 113,697 shares valued at approximately $5,979,000.
• Corning reported a quarterly earnings per share (EPS) of $0.60, beating the analysts' consensus estimate of $0.57, and had a revenue of $3.86 billion for the same period.
• The company announced a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, and the dividend will be paid on December 12th to shareholders who are on record as of November 14th.

Foster & Motley Inc. decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 7.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,697 shares of the electronics maker's stock after selling 9,517 shares during the period. Foster & Motley Inc.'s holdings in Corning were worth $5,979,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GLW. Davis Investment Partners LLC acquired a new position in shares of Corning in the second quarter valued at approximately $251,000. Central Pacific Bank Trust Division grew its position in shares of Corning by 23.6% in 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 purchasing an additional 13,920 shares during the last quarter. Strs Ohio acquired a new position in shares of Corning in the first quarter valued at approximately $27,219,000. Acadian Asset Management LLC grew its position in shares of Corning by 4,346.5% in the first quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker's stock valued at $7,048,000 after purchasing an additional 150,521 shares during the last quarter. Finally, Intech Investment Management LLC grew 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 worth $9,665,000 after buying an additional 176,379 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Trading Down 2.6%

NYSE:GLW opened at $84.49 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $72.38 billion, a PE ratio of 89.88, a price-to-earnings-growth ratio of 1.93 and a beta of 1.14. The firm's 50 day moving average is $75.33 and its 200 day moving average is $58.54. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $87.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $3.84 billion. During the same period in the previous year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a yield of 1.3%. Corning's payout ratio is currently 119.15%.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. Citigroup upped their target price on Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Susquehanna reiterated a "positive" rating and issued a $75.00 price target (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Barclays increased their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. UBS Group raised their target price on Corning from $84.00 to $91.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. 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 given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average target price of $73.00.

Insider Activity

In other news, SVP Jaymin Amin sold 17,721 shares of Corning 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 owned 88,722 shares in the company, valued at $6,847,563.96. This trade represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 sale, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 181,671 shares of company stock valued at $11,816,899. 0.40% of the stock is owned by corporate insiders.

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.

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