Guggenheim Capital LLC Trims Stock Position in Corning Incorporated $GLW

Key Points

• Guggenheim Capital LLC reduced its stake in Corning Incorporated by 12.6%, holding 243,260 shares valued at approximately $11.14 million.
• Corning's recent quarterly earnings showed an EPS of $0.60, beating estimates of $0.57, with revenue of $3.86 billion.
• The company declared a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, and plans to pay this dividend on September 29th.

Guggenheim Capital LLC decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 12.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 243,260 shares of the electronics maker's stock after selling 35,141 shares during the quarter. Guggenheim Capital LLC's holdings in Corning were worth $11,136,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GLW. Polar Capital Holdings Plc purchased a new position in shares of Corning during the 4th quarter valued at $124,253,000. Nuveen LLC bought a new position in shares of Corning during the 1st quarter valued at about $104,789,000. Assenagon Asset Management S.A. boosted its holdings in shares of Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after purchasing an additional 1,483,151 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock valued at $54,495,000 after purchasing an additional 1,156,746 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Corning by 37.1% during the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after purchasing an additional 1,037,875 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GLW shares. Argus reissued a "buy" rating and set a $68.00 price objective on shares of Corning in a report on Wednesday, July 30th. UBS Group increased their price objective on shares of Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Barclays increased their price objective on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Wolfe Research started coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. One 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $65.17.

Insider Buying and Selling

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the sale, the chief financial officer directly owned 78,316 shares of the company's stock, valued at $4,877,520.48. This represents a 15.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer directly owned 64,838 shares in the company, valued at $4,036,813.88. This trade represents a 35.85% 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 over the last three months. 0.32% of the stock is currently owned by company insiders.

Corning Trading Down 2.8%

Shares of NYSE:GLW traded down $1.90 during trading on Friday, reaching $67.03. The company's stock had a trading volume of 6,191,039 shares, compared to its average volume of 5,115,324. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $69.29. The firm's 50 day simple moving average is $58.86 and its two-hundred day simple moving average is $51.09. The stock has a market capitalization of $57.42 billion, a PE ratio of 71.31, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping 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 company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period in the prior year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

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.