Free Trial

Mackenzie Financial Corp Has $4.38 Million Holdings in Corning Incorporated (NYSE:GLW)

Corning logo with Computer and Technology background

Key Points

  • Mackenzie Financial Corp reduced its stake in Corning Incorporated by 6.5%, owning 95,657 shares valued at approximately $4.38 million after selling 6,604 shares in the first quarter.
  • Insider selling included COO Avery H. Nelson III selling 36,240 shares worth over $2.25 million, while a total of 137,381 shares were sold by insiders over the last three months.
  • Several analysts have upgraded their price targets for Corning, with JPMorgan raising it to $65.00 and Susquehanna to $75.00, reflecting an overall positive outlook for the company.
  • MarketBeat previews the top five stocks to own by September 1st.

Mackenzie Financial Corp reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 6.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 95,657 shares of the electronics maker's stock after selling 6,604 shares during the period. Mackenzie Financial Corp's holdings in Corning were worth $4,379,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. First National Advisers LLC purchased a new position in shares of Corning in the 1st quarter valued at approximately $2,522,000. TCW Group Inc. raised its position in Corning by 5.6% during the 1st quarter. TCW Group Inc. now owns 11,758 shares of the electronics maker's stock worth $538,000 after buying an additional 622 shares during the last quarter. LPL Financial LLC raised its position in Corning by 6.5% during the 1st quarter. LPL Financial LLC now owns 1,179,878 shares of the electronics maker's stock worth $54,015,000 after buying an additional 72,510 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Corning by 2.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 166,717 shares of the electronics maker's stock worth $7,632,000 after buying an additional 4,572 shares during the last quarter. Finally, Investment Management Corp VA ADV raised its position 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 last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Shares of NYSE GLW traded up $1.39 during trading on Monday, reaching $63.44. The stock had a trading volume of 5,087,442 shares, compared to its average volume of 5,362,290. The stock has a market cap of $54.33 billion, a PE ratio of 67.49, a P/E/G ratio of 1.59 and a beta of 1.08. The firm's 50 day moving average price is $52.73 and its two-hundred day moving average price is $49.18. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a one year low of $37.18 and a one year high of $63.91.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the prior year, the business earned $0.47 EPS. On average, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is currently 119.15%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 target price (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. JPMorgan Chase & Co. lifted 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 lifted their target price on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $63.25.

View Our Latest Stock Report on GLW

Insider Buying and Selling at Corning

In related news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the sale, the chief operating officer directly owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president directly owned 16,117 shares of the company's stock, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,381 shares of company stock valued at $7,836,789 over the last 90 days. 0.32% of the stock is owned by insiders.

Corning Company Profile

(Free Report)

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.

Featured Stories

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Should You Invest $1,000 in Corning Right Now?

Before you consider Corning, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Corning wasn't on the list.

While Corning currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Analysts Agree—These Gold Picks Outshine the Rest Cover

Unlock the timeless value of gold with our exclusive 2025 Gold Forecasting Report. Explore why gold remains the ultimate investment for safeguarding wealth against inflation, economic shifts, and global uncertainties. Whether you're planning for future generations or seeking a reliable asset in turbulent times, this report is your essential guide to making informed decisions.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Palantir & AMD Earnings: Massive Options Setups Ahead
3 Value Plays Set to Explode
5 Stocks to BUY NOW in August 2025

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines