McAdam LLC Takes $219,000 Position in Corning Incorporated $GLW

Key Points

• McAdam LLC has acquired a new position in Corning Incorporated, investing approximately $219,000 for 4,161 shares during the second quarter.
• Corning's stock received multiple upgrades from analysts, with Mizuho raising its price target to $74.00 and Citigroup setting a target of $93.00, reflecting positive market sentiment towards the company.
• Insider transactions revealed that CEO Wendell P. Weeks sold over 82,000 shares at an average price of $65.19, decreasing his ownership by 9.21%.

McAdam LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,161 shares of the electronics maker's stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Public Employees Retirement System of Ohio increased its position in Corning by 3.6% during the second quarter. Public Employees Retirement System of Ohio now owns 284,000 shares of the electronics maker's stock worth $14,936,000 after purchasing an additional 9,987 shares during the last quarter. Northside Capital Management LLC purchased a new stake in shares of Corning during the 2nd quarter valued at $325,000. Ballentine Partners LLC increased its holdings in shares of Corning by 6.8% during the 2nd quarter. Ballentine Partners LLC now owns 28,846 shares of the electronics maker's stock worth $1,517,000 after buying an additional 1,841 shares during the last quarter. Norden Group LLC raised its position in shares of Corning by 8.3% in the 2nd quarter. Norden Group LLC now owns 23,991 shares of the electronics maker's stock worth $1,262,000 after buying an additional 1,846 shares during the period. Finally, DB Fitzpatrick & Co Inc boosted its holdings in Corning by 0.8% in the second quarter. DB Fitzpatrick & Co Inc now owns 28,592 shares of the electronics maker's stock valued at $1,504,000 after acquiring an additional 235 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Mizuho raised their price objective on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Citigroup increased their target price on shares of Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Barclays boosted their price objective on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average price target of $70.08.

Corning Trading Up 0.3%

GLW opened at $79.33 on Friday. The firm's 50 day moving average is $68.01 and its 200-day moving average is $54.67. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $81.58. 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 firm has a market capitalization of $67.96 billion, a P/E ratio of 84.39, a P/E/G ratio of 1.77 and a beta of 1.09.

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 (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations 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 company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Insider Transactions at Corning

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 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 owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the transaction, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock valued at $11,816,899 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Corning 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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