Freedom Investment Management Inc. boosted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 39.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,945 shares of the electronics maker's stock after purchasing an additional 3,938 shares during the quarter. Freedom Investment Management Inc.'s holdings in Corning were worth $638,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Northern Trust Corp boosted its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after purchasing an additional 208,826 shares during the period. Bank of New York Mellon Corp boosted its holdings in Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after purchasing an additional 80,872 shares during the period. Invesco Ltd. boosted its holdings in Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock worth $290,111,000 after purchasing an additional 288,328 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Corning by 6.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock worth $251,190,000 after purchasing an additional 303,607 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Corning by 37.1% in the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after purchasing an additional 1,037,875 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.
Corning Stock Performance
GLW stock traded down $1.90 during mid-day trading on Monday, reaching $67.03. The company had a trading volume of 6,191,039 shares, compared to its average volume of 5,115,324. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $57.42 billion, a P/E ratio of 71.31, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $37.31 and a one year high of $69.29. The stock's 50-day simple moving average is $58.86 and its two-hundred day simple moving average is $51.09.
Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data 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. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same period in the previous year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.
Corning Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is currently 119.15%.
Insider Buying and Selling at Corning
In related news, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction dated 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 163,950 shares of company stock valued at $10,449,192. 0.32% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of equities analysts have commented on GLW shares. Mizuho lifted their price objective on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. UBS Group lifted their price objective on shares of Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Morgan Stanley set a $56.00 target price on Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Barclays raised their target price on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $65.17.
View Our Latest Stock Analysis on Corning
Corning Company Profile
(
Free Report)
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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