NewEdge Advisors LLC Cuts Holdings in Corning Incorporated $GLW

Key Points

• NewEdge Advisors LLC has decreased its position in Corning Incorporated ($GLW) by 17.6%, holding 99,316 shares valued at $4.55 million after selling 21,209 shares during the first quarter.
• In contrast, several other large investors, including Amundi and Deutsche Bank AG, significantly increased their holdings in Corning, reflecting a bullish sentiment towards the company.
• Corning recently announced a quarterly dividend of $0.28, with a payout ratio of 119.15%, indicating a commitment to returning value to shareholders despite its recent insider sales.

NewEdge Advisors LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 17.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,316 shares of the electronics maker's stock after selling 21,209 shares during the quarter. NewEdge Advisors LLC's holdings in Corning were worth $4,547,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Amundi lifted its position in Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock valued at $271,237,000 after purchasing an additional 2,507,797 shares during the last quarter. Bank of New York Mellon Corp lifted its position in 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 valued at $290,610,000 after purchasing an additional 80,872 shares during the last quarter. Invesco Ltd. lifted its position in Corning by 4.8% during the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after purchasing an additional 288,328 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in 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 valued at $251,190,000 after purchasing an additional 303,607 shares during the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of Corning by 37.1% in the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after acquiring an additional 1,037,875 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GLW shares. Mizuho raised their target price on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Citigroup raised their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Barclays raised their target price on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Morgan Stanley set a $56.00 target price on shares of Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, Susquehanna restated a "positive" rating and issued a $75.00 target price (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Corning Stock Up 2.1%

Shares of Corning stock traded up $1.56 on Friday, reaching $77.03. The stock had a trading volume of 14,746,540 shares, compared to its average volume of 5,948,555. The company has a 50 day moving average price of $62.28 and a 200 day moving average price of $52.29. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $77.87. The stock has a market capitalization of $65.99 billion, a P/E ratio of 81.95, a P/E/G ratio of 1.68 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the previous year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is currently 119.15%.

Insider Activity at Corning

In other Corning news, CEO Wendell P. Weeks sold 82,103 shares of the business'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 transaction of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the sale, the executive vice president directly owned 39,759 shares in the company, valued at $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,950 shares of company stock worth $10,449,192 in the last 90 days. 0.40% of the stock is owned by insiders.

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.