Hilltop National Bank Makes New $1.16 Million Investment in Corning Incorporated $GLW

Key Points

• Hilltop National Bank has made a new investment of $1.16 million in Corning Incorporated, acquiring 22,080 shares valued at this amount.
• Multiple institutional investors, including Amundi and Deutsche Bank, have recently increased their stakes in Corning, demonstrating strong interest in the company's stock.
• Research analysts have given Corning a consensus rating of "Moderate Buy" with a target price of approximately $70.08, reflecting positive earnings reports exceeding analysts' expectations.

Hilltop National Bank acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,080 shares of the electronics maker's stock, valued at approximately $1,161,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Amundi boosted its stake in shares of Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock valued at $271,237,000 after purchasing an additional 2,507,797 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after purchasing an additional 80,872 shares during the period. Invesco Ltd. boosted its stake in shares of Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after purchasing an additional 288,328 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Corning by 10.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker's stock valued at $267,546,000 after purchasing an additional 558,184 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of Corning by 37.1% in the first 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 period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. JPMorgan Chase & Co. raised their target price on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Mizuho increased their price objective on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Citigroup increased their price objective on shares of Corning from $72.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, UBS Group increased their price objective on shares of Corning from $84.00 to $91.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.08.

Insider Activity at Corning

In other Corning news, SVP Jaymin Amin sold 17,721 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the sale, the senior vice president owned 88,722 shares of the company's stock, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 809,295 shares in the company, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock valued at $11,816,899 in the last quarter. Company insiders own 0.40% of the company's stock.

Corning Stock Down 0.7%

GLW stock opened at $82.56 on Friday. 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 twelve month low of $37.31 and a twelve month high of $84.35. The company's 50 day moving average is $70.18 and its two-hundred day moving average is $55.66. The stock has a market cap of $70.72 billion, a P/E ratio of 87.83, a PEG ratio of 1.85 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last released 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 analysts' expectations of $3.84 billion. During the same quarter last year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.