Glenview Trust co Lowers Stock Holdings in Corning Incorporated $GLW

Key Points

• Glenview Trust co reduced its holdings in Corning Incorporated by 16.5% in the first quarter, now owning 17,604 shares worth $806,000.
• CEO Wendell P. Weeks sold 82,103 shares, decreasing his position by 9.21%, while insiders overall sold 163,950 shares valued at over $10 million in the last 90 days.
• Corning's latest earnings report revealed a net margin of 5.77% and a projected EPS of 2.33 for the current fiscal year, alongside a quarterly dividend of $0.28.

Glenview Trust co cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 16.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,604 shares of the electronics maker's stock after selling 3,475 shares during the period. Glenview Trust co's holdings in Corning were worth $806,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vermillion Wealth Management Inc. acquired a new position in shares of Corning in the fourth quarter valued at approximately $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the fourth quarter worth $30,000. Investment Management Corp VA ADV grew its stake in shares of Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased 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 acquiring an additional 353 shares during the period. Finally, Banque Transatlantique SA acquired a new stake in shares of Corning in the first quarter valued at $34,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on GLW shares. Morgan Stanley set a $56.00 target price on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Oppenheimer reissued an "outperform" rating and set a $72.00 price objective (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Barclays boosted their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, Citigroup increased their price objective on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

Insider Activity at Corning

In related news, CEO Wendell P. Weeks sold 82,103 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the sale, the chief executive officer directly owned 809,295 shares of the company's stock, valued at $52,757,941.05. This represents a 9.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,950 shares of company stock valued at $10,449,192. Corporate insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of GLW opened at $75.53 on Friday. The company has a market capitalization of $64.70 billion, a price-to-earnings ratio of 80.35, a price-to-earnings-growth ratio of 1.68 and a beta of 1.09. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $77.08. 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 50 day moving average price of $62.28 and a 200 day moving average price of $52.29.

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, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the previous year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.28 dividend. 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 currently 119.15%.

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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