Hendley & Co. Inc. Cuts Stock Position in Corning Incorporated $GLW

Key Points

• Hendley & Co. Inc. reduced its position in Corning Incorporated by 69.2% in the second quarter, selling 18,416 shares and leaving them with 8,200 shares valued at approximately $431,000.
• Institutional investors, including REAP Financial Group LLC and Investment Management Corp VA ADV, have been increasing their stakes in Corning, indicating growing institutional interest in the company.
• Corning's most recent quarterly earnings report showed an EPS of $0.60, exceeding analyst expectations, with revenue of $3.86 billion for the quarter.

Hendley & Co. Inc. lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 69.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,200 shares of the electronics maker's stock after selling 18,416 shares during the period. Hendley & Co. Inc.'s holdings in Corning were worth $431,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. REAP Financial Group LLC increased its stake in Corning by 191.5% during the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock worth $27,000 after buying an additional 339 shares during the period. Investment Management Corp VA ADV increased its stake in Corning by 165.9% during the 1st 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 increased its stake in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after buying an additional 353 shares during the period. Banque Transatlantique SA purchased a new stake in Corning during the 1st quarter worth $34,000. Finally, Resources Management Corp CT ADV increased its stake in Corning by 66.7% during the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In related news, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of the company's stock in a transaction on 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 of the company's stock, valued at approximately $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 181,671 shares of company stock worth $11,816,899 in the last quarter. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GLW has been the subject of several research analyst reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Corning in a research report on Saturday, September 27th. Barclays boosted their target price on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Oppenheimer reissued an "outperform" rating and issued a $72.00 target price (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Wall Street Zen downgraded shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. Finally, Susquehanna reissued a "positive" rating and issued a $75.00 target price (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $71.42.

Corning Stock Down 0.3%

GLW stock opened at $85.08 on Wednesday. The company's 50 day simple moving average is $71.80 and its 200-day simple moving average is $56.47. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $86.23. The firm has a market capitalization of $72.88 billion, a P/E ratio of 90.51, a P/E/G ratio of 1.90 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm 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 previous year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

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.

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