Front Street Capital Management Inc. Sells 28,847 Shares of Corning Incorporated $GLW

Key Points

• Front Street Capital Management Inc. reduced its stake in Corning Incorporated (GLW) by 11.7%, leaving it with approximately $9.99 million in holdings.
• Several hedge funds have recently increased their stakes in Corning, including Amundi, which raised its ownership by 64.3%, now holding shares worth $271.24 million.
• Corning announced a quarterly dividend of $0.28 per share, representing an annual yield of 1.6%, with the payout ratio currently at 119.15%.

Front Street Capital Management Inc. lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 11.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 218,298 shares of the electronics maker's stock after selling 28,847 shares during the period. Corning makes up approximately 1.9% of Front Street Capital Management Inc.'s holdings, making the stock its 14th largest position. Front Street Capital Management Inc.'s holdings in Corning were worth $9,994,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Amundi grew its position in Corning by 64.3% in the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares during the period. Bank of New York Mellon Corp grew its position in Corning by 1.3% in the 1st 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 stake in shares of Corning by 4.8% during the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock worth $290,111,000 after acquiring an additional 288,328 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Corning by 6.1% during the 4th 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 valued at $251,190,000 after acquiring an additional 303,607 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of Corning by 37.1% in the 1st 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 in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of Corning stock traded up $1.34 during trading hours on Friday, reaching $76.81. The company's stock had a trading volume of 10,255,992 shares, compared to its average volume of 5,921,659. The firm has a 50 day moving average price of $62.28 and a 200-day moving average price of $52.29. Corning Incorporated has a one year low of $37.31 and a one year high of $77.87. 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 $65.79 billion, a P/E ratio of 81.71, a P/E/G ratio of 1.68 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate 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 firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors 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 yield of 1.5%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Analyst Ratings Changes

A number of equities analysts recently commented on GLW shares. Mizuho raised their target price on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Morgan Stanley set a $56.00 target price on Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 target price (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. Susquehanna reaffirmed a "positive" rating and issued a $75.00 target price (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Wolfe Research started coverage on Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Activity at Corning

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the transaction, the chief financial officer directly owned 78,316 shares in the company, valued at approximately $4,877,520.48. This represents a 15.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of the company's 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 transaction, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,950 shares of company stock worth $10,449,192 in the last three months. 0.40% of the stock is owned by insiders.

About Corning

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.