MFG Wealth Management Inc. Buys Shares of 33,081 Corning Incorporated $GLW

Key Points

• MFG Wealth Management Inc. purchased 33,081 shares of Corning Incorporated for approximately $1.74 million in the 2nd quarter, highlighting increased institutional interest in the stock.
• Corning's stock has received mixed ratings from analysts, with a recent downgrade to "hold" by Wall Street Zen, while others have raised their price targets significantly.
• The company announced a quarterly dividend of $0.28 per share, reflecting a 1.4% dividend yield, though its payout ratio stands at an elevated 119.15%.

MFG Wealth Management Inc. bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 33,081 shares of the electronics maker's stock, valued at approximately $1,740,000.

Several other institutional investors have also recently added to or reduced their stakes in GLW. Amundi grew its position in shares of Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after acquiring an additional 2,507,797 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after acquiring an additional 80,872 shares during the last quarter. Invesco Ltd. grew its position in shares of Corning by 4.8% during the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock worth $290,111,000 after acquiring an additional 288,328 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Corning by 10.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker's stock worth $267,546,000 after acquiring an additional 558,184 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Corning by 6.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock worth $251,190,000 after acquiring an additional 303,607 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent research reports. Wall Street Zen lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday. Susquehanna restated a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Barclays upped their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 price target on shares of Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $72.00 target price (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Buying and Selling

In other news, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Edward A. Schlesinger sold 14,082 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the transaction, the chief financial officer owned 78,316 shares in the company, 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 163,950 shares of company stock worth $10,449,192 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Corning Price Performance

GLW stock opened at $77.95 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a one year low of $37.31 and a one year high of $78.32. The firm has a market capitalization of $66.77 billion, a PE ratio of 82.93, a P/E/G ratio of 1.73 and a beta of 1.09. The firm has a 50-day moving average of $63.26 and a two-hundred day moving average of $52.71.

Corning (NYSE:GLW - Get Free Report) last posted 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 net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm 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 $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.4%. Corning's dividend payout ratio is currently 119.15%.

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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