Gabelli Funds LLC Reduces Position in Corning Incorporated $GLW

Key Points

• Gabelli Funds LLC reduced its stake in Corning Incorporated (GLW) by 26.3% during the first quarter, now holding 357,797 shares valued at approximately $16.38 million.
• Corning has reported better-than-expected earnings per share of $0.60 for the last quarter, surpassing estimates by $0.03, and has set a Q3 2025 EPS guidance in the range of 0.630-0.670.
• The company recently declared a quarterly dividend of $0.28 per share, resulting in a 1.7% dividend yield, with a payout ratio of 119.15%.

Gabelli Funds LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 26.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 357,797 shares of the electronics maker's stock after selling 127,503 shares during the quarter. Gabelli Funds LLC's holdings in Corning were worth $16,380,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GLW. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning in the fourth quarter valued at about $29,000. Putney Financial Group LLC purchased a new position in Corning during the fourth quarter worth about $30,000. Investment Management Corp VA ADV boosted its stake in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after buying an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares in the last quarter. Finally, Gen Wealth Partners Inc lifted its position in shares of Corning by 151.7% during the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after purchasing an additional 455 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

Corning stock opened at $67.50 on Wednesday. The company has a market cap of $57.83 billion, a P/E ratio of 71.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a one year low of $37.31 and a one year high of $67.68. The business has a fifty day moving average of $57.82 and a two-hundred day moving average of $50.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter in the previous year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 119.15%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GLW. 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. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Oppenheimer reissued an "outperform" rating and set a $72.00 price objective (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley set a $56.00 target price on shares of Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Citigroup raised their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.17.

Insider Transactions at Corning

In related news, CEO Wendell P. Weeks sold 82,103 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the transaction, the chief executive officer owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares of the company's stock, valued at $800,692.56. The trade was a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 187,561 shares of company stock worth $11,624,334 in the last ninety days. Company insiders own 0.32% of the company's stock.

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.

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