IFP Advisors Inc Sells 6,616 Shares of Corning Incorporated $GLW

IFP Advisors Inc cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 8.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 73,020 shares of the electronics maker's stock after selling 6,616 shares during the quarter. IFP Advisors Inc's holdings in Corning were worth $3,840,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GLW. Amundi raised its holdings in Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares in the last quarter. Nuveen LLC bought a new position in Corning in the first quarter worth about $104,789,000. Kingstone Capital Partners Texas LLC bought a new position in Corning in the second quarter worth about $92,560,000. Robeco Institutional Asset Management B.V. raised its holdings in Corning by 185.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,801,411 shares of the electronics maker's stock worth $94,736,000 after purchasing an additional 1,170,992 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after acquiring an additional 1,037,875 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $83.00 on Friday. The business's 50 day moving average price is $73.19 and its 200 day moving average price is $57.18. The firm has a market cap of $71.10 billion, a P/E ratio of 88.30, a P/E/G ratio of 1.95 and a beta of 1.14. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $87.78. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results 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 analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter in the prior year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, November 14th. Corning's dividend payout ratio is currently 119.15%.

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 82,103 shares of the company'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 value of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the company's 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 completion of the sale, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 181,671 shares of company stock worth $11,816,899. Corporate insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GLW shares. Susquehanna restated a "positive" rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. UBS Group upped their price objective on shares of Corning from $84.00 to $91.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Wolfe Research started coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of Corning in a report on Wednesday. Finally, Citigroup upped their price objective on shares of Corning from $72.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

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.

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.