HighTower Advisors LLC Buys 13,233 Shares of Corning Incorporated $GLW

Key Points

• HighTower Advisors LLC increased its stake in Corning Incorporated by 2.0%, owning a total of 660,627 shares worth approximately $30.24 million as of the end of the reporting period.
• Analysts have raised their price targets for Corning, with Citigroup setting a new target of $60.00 and Susquehanna increasing theirs to $75.00, reflecting positive sentiment in the stock's performance.
• Corning announced a quarterly dividend of $0.28 per share, with an annualized yield of 1.7%, despite a high dividend payout ratio of 119.15%.

HighTower Advisors LLC increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 2.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 660,627 shares of the electronics maker's stock after buying an additional 13,233 shares during the quarter. HighTower Advisors LLC owned 0.08% of Corning worth $30,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. Public Sector Pension Investment Board boosted its stake in shares of Corning by 7.6% during the 1st quarter. Public Sector Pension Investment Board now owns 114,667 shares of the electronics maker's stock worth $5,249,000 after acquiring an additional 8,075 shares during the last quarter. AIA Group Ltd bought a new stake in Corning during the first quarter valued at about $1,640,000. Longfellow Investment Management Co. LLC increased its position in Corning by 117.7% in the first quarter. Longfellow Investment Management Co. LLC now owns 27,351 shares of the electronics maker's stock worth $1,252,000 after buying an additional 14,788 shares in the last quarter. Motley Fool Asset Management LLC raised its stake in shares of Corning by 2.2% in the first quarter. Motley Fool Asset Management LLC now owns 39,854 shares of the electronics maker's stock worth $1,825,000 after buying an additional 856 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Corning during the 1st quarter valued at about $104,789,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 211,484 shares of company stock valued at $12,813,804. Insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of Corning stock traded down $0.4390 during trading hours on Tuesday, reaching $65.0810. The company's stock had a trading volume of 1,007,676 shares, compared to its average volume of 5,609,456. The firm has a 50 day moving average price of $55.99 and a 200-day moving average price of $50.22. 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 $55.75 billion, a P/E ratio of 69.19, a P/E/G ratio of 1.47 and a beta of 1.08. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50.

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 return on equity of 17.27% and a net margin of 5.77%.The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. 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. On average, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company 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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is presently 119.15%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Argus restated a "buy" rating and set a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Mizuho increased their target price on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $65.17.

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.