Magnetar Financial LLC Boosts Stock Holdings in Corning Incorporated $GLW

Key Points

• Magnetar Financial LLC increased its stake in Corning Incorporated by 255.8% during the first quarter, bringing its total holdings to 16,949 shares valued at approximately $776,000.
• Corning recently announced a $0.28 quarterly dividend to be paid on September 29th, representing a 1.7% yield and a payout ratio of 119.15%.
• Corning's latest quarterly earnings report surpassed expectations, with an EPS of $0.60 compared to analysts' predictions of $0.57, and a revenue of $3.86 billion against expectations of $3.84 billion.

Magnetar Financial LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 255.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,949 shares of the electronics maker's stock after buying an additional 12,185 shares during the period. Magnetar Financial LLC's holdings in Corning were worth $776,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC raised its position in shares of Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after purchasing an additional 2,114 shares during the period. Boothbay Fund Management LLC acquired a new stake in shares of Corning in the 4th quarter valued at $247,000. AQR Capital Management LLC boosted its stake in shares of Corning by 46.1% during the 4th quarter. AQR Capital Management LLC now owns 440,740 shares of the electronics maker's stock worth $20,944,000 after acquiring an additional 139,120 shares in the last quarter. Freestone Grove Partners LP bought a new position in shares of Corning in the fourth quarter valued at approximately $7,938,000. Finally, AXA S.A. boosted its holdings in Corning by 618.8% during the fourth quarter. AXA S.A. now owns 388,878 shares of the electronics maker's stock valued at $18,479,000 after acquiring an additional 334,775 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on GLW. UBS Group raised shares of Corning from a "neutral" rating to a "buy" rating and increased their price target for the company from $65.00 to $84.00 in a report on Tuesday. Mizuho raised their price target on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Wolfe Research started coverage on Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. Finally, Argus reissued a "buy" rating and issued a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction dated 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 sale, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the sale, the chief financial officer directly owned 78,316 shares of the company's stock, valued at $4,877,520.48. This represents a 15.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,950 shares of company stock valued at $10,449,192 over the last quarter. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of GLW stock traded up $1.04 during trading on Friday, hitting $70.76. The company had a trading volume of 4,634,384 shares, compared to its average volume of 5,685,621. The firm has a market capitalization of $60.61 billion, a P/E ratio of 75.08, a price-to-earnings-growth ratio of 1.55 and a beta of 1.09. Corning Incorporated has a one year low of $37.31 and a one year high of $70.97. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The stock's 50-day moving average price is $60.22 and its 200 day moving average price is $51.55.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) 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 firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the prior year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.6%. Corning's payout ratio is currently 119.15%.

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.