Kovitz Investment Group Partners LLC Purchases 289,608 Shares of Corning Incorporated $GLW

Key Points

• Kovitz Investment Group Partners LLC significantly increased its stake in Corning Incorporated by 234.5%, acquiring an additional 289,608 shares during the first quarter, bringing their total holdings to 413,125 shares valued at approximately $18.9 million.
• Corning recently announced a quarterly dividend of $0.28 per share which will be paid on September 29th, reflecting an annualized yield of 1.7%, despite a high payout ratio of 119.15%.
• Analysts have set new price targets for Corning, with Mizuho increasing their target from $63.00 to $74.00 and several firms rating the stock as buy, giving it an average price target of $65.17.

Kovitz Investment Group Partners LLC boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 234.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 413,125 shares of the electronics maker's stock after acquiring an additional 289,608 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Corning were worth $18,913,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Vestmark Advisory Solutions Inc. grew its position in Corning by 591.0% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 133,676 shares of the electronics maker's stock valued at $6,120,000 after buying an additional 114,330 shares during the last quarter. Holderness Investments Co. boosted its position in shares of Corning by 0.8% during the 1st quarter. Holderness Investments Co. now owns 39,074 shares of the electronics maker's stock worth $1,789,000 after purchasing an additional 295 shares in the last quarter. Financial Network Wealth Advisors LLC boosted its position in shares of Corning by 38.8% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 1,199 shares of the electronics maker's stock worth $55,000 after purchasing an additional 335 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Corning by 7.8% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 27,995 shares of the electronics maker's stock worth $1,282,000 after purchasing an additional 2,030 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Corning during the 1st quarter worth $519,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity

In other Corning news, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total transaction of $877,026.96. Following the completion of the sale, the chief financial officer directly owned 78,316 shares of the company's stock, valued at approximately $4,877,520.48. The trade was a 15.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the sale, the chief executive officer directly owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 211,484 shares of company stock worth $12,813,804. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on GLW shares. Citigroup boosted their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Susquehanna reiterated a "positive" rating and issued a $75.00 price objective (up from $60.00) on shares of Corning 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 note on Wednesday, July 30th. Finally, Morgan Stanley set a $56.00 target price on shares of Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. One investment 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 company. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Corning Stock Performance

GLW traded down $1.0560 during trading on Tuesday, reaching $64.4640. 2,584,728 shares of the company's stock were exchanged, compared to its average volume of 5,619,242. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average price of $55.99 and a 200 day moving average price of $50.22. The company has a market capitalization of $55.22 billion, a P/E ratio of 68.73, a PEG ratio of 1.47 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results 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. 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 quarter in the previous year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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 issued 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 currently 119.15%.

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.