Norinchukin Bank The Grows Stock Position in Corning Incorporated $GLW

Key Points

• Norinchukin Bank The increased its ownership of Corning Incorporated by 13.1%, acquiring an additional 4,095 shares during the first quarter, bringing its total holdings to 35,275 shares valued at $1,615,000.
• Corning's shares have recently appreciated, with stock prices reflecting a performance range from a 52-week low of $37.31 to a high of $66.50, currently trading at approximately $65.6850.
• The company announced a quarterly dividend of $0.28, payable on September 29th, with a current annualized dividend yield of 1.7% and a payout ratio of 119.15%.

Norinchukin Bank The raised its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 13.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,275 shares of the electronics maker's stock after acquiring an additional 4,095 shares during the period. Norinchukin Bank The's holdings in Corning were worth $1,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Vermillion Wealth Management Inc. purchased a new stake in Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC purchased a new stake in Corning during the 4th quarter valued at $30,000. Investment Management Corp VA ADV raised its holdings in Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after buying an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its holdings in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after buying an additional 353 shares during the period. Finally, Gen Wealth Partners Inc raised its holdings in Corning by 151.7% during the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock valued at $35,000 after buying an additional 455 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In related news, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was 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 $52,757,941.05. This trade 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 available through this link. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction dated 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 directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,484 shares of company stock valued at $12,813,804 over the last 90 days. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

GLW has been the topic of several recent research reports. Argus restated a "buy" rating and set a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. Citigroup increased their price target on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. JPMorgan Chase & Co. increased their price target on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Finally, Susquehanna reaffirmed a "positive" rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Corning Stock Up 1.1%

Shares of GLW traded up $0.72 during midday trading on Tuesday, reaching $67.50. 5,419,065 shares of the stock were exchanged, compared to its average volume of 5,612,090. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $67.68. 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 company's 50 day moving average is $57.82 and its two-hundred day moving average is $50.78. The company has a market capitalization of $57.83 billion, a P/E ratio of 71.81, a PEG ratio of 1.47 and a beta of 1.08.

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, topping 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 business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the prior year, the company earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. Corning's dividend payout ratio is presently 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.