Manchester Financial Inc. Sells 19,659 Shares of Corning Incorporated $GLW

Key Points

• Manchester Financial Inc. has reduced its stake in Corning Incorporated by 61.9%, selling 19,659 shares, and now holds 12,103 shares valued at approximately $636,000.
• Several institutional investors have recently adjusted their positions, with Davis Investment Partners LLC investing approximately $251,000 and Central Pacific Bank Trust Division increasing its stake by 23.6% to own 72,982 shares.
• Corning is set to pay a quarterly dividend of $0.28 on December 12th, with a current annualized yield of 1.3%, despite its payout ratio being above 100% at 119.15%.

Manchester Financial Inc. decreased its position in Corning Incorporated (NYSE:GLW - Free Report) by 61.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 12,103 shares of the electronics maker's stock after selling 19,659 shares during the period. Manchester Financial Inc.'s holdings in Corning were worth $636,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Davis Investment Partners LLC bought a new stake in Corning in the 2nd quarter valued at approximately $251,000. Central Pacific Bank Trust Division lifted its stake in Corning by 23.6% in the 2nd quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker's stock valued at $3,838,000 after acquiring an additional 13,920 shares in the last quarter. Strs Ohio bought a new stake in Corning in the 1st quarter valued at approximately $27,219,000. Acadian Asset Management LLC lifted its stake in Corning by 4,346.5% in the 1st quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker's stock valued at $7,048,000 after acquiring an additional 150,521 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of Corning by 507.6% during the 1st quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker's stock worth $9,665,000 after purchasing an additional 176,379 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GLW. JPMorgan Chase & Co. upped their price objective on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. UBS Group upped their price objective on Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Corning in a research note on Wednesday, October 8th. Argus reiterated a "buy" rating and set a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Finally, Citigroup upped their price objective on Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Corning Stock Down 2.6%

GLW stock opened at $84.49 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. The business's 50 day simple moving average is $75.33 and its 200 day simple moving average is $58.54. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $87.78. The firm has a market capitalization of $72.38 billion, a PE ratio of 89.88, a PEG ratio of 1.93 and a beta of 1.14.

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, beating 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 for the quarter, compared to analyst estimates of $3.84 billion. During the same period in the prior year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

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

Insider Transactions at Corning

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction 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 transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This represents a 29.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,671 shares of company stock worth $11,816,899. 0.40% of the stock is currently owned by company insiders.

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.

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