Occidental Asset Management LLC Purchases Shares of 13,990 Corning Incorporated $GLW

Key Points

• Occidental Asset Management initiated a Corning position by purchasing 13,990 shares valued at approximately $3.57 million. Institutional investors collectively own 69.8% of Corning’s outstanding stock.
• Analyst sentiment remains positive but mixed on price targets: Corning has a consensus “Moderate Buy” rating from 16 analysts, with an average target price of $174.08.
• Corning exceeded quarterly expectations, reporting $0.78 in earnings per share and $4.74 billion in revenue, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, representing a 0.6% yield.

Occidental Asset Management LLC acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,990 shares of the electronics maker's stock, valued at approximately $3,573,000.

A number of other hedge funds also recently made changes to their positions in GLW. Alliance Wealth Advisors LLC increased its stake in Corning by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker's stock valued at $1,033,000 after acquiring an additional 56 shares during the last quarter. Ares Financial Consulting LLC lifted its stake in Corning by 15.6% during the second quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker's stock worth $113,000 after purchasing an additional 60 shares during the last quarter. Signature Equity Partners LLC boosted its holdings in shares of Corning by 19.3% in the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker's stock worth $52,000 after purchasing an additional 62 shares in the last quarter. Beirne Wealth Consulting Services LLC boosted its holdings in shares of Corning by 0.8% in the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker's stock worth $1,094,000 after purchasing an additional 64 shares in the last quarter. Finally, Balefire LLC increased its position in shares of Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker's stock valued at $1,305,000 after purchasing an additional 65 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Truist Financial raised shares of Corning from a "hold" rating to a "buy" rating and decreased their price target for the stock from $205.00 to $175.00 in a research note on Sunday, August 2nd. Mizuho cut their price objective on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Morgan Stanley reduced their target price on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Finally, Bank of America lifted their target price on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $174.08.

Corning Price Performance

Shares of Corning stock opened at $173.29 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a one year low of $63.37 and a one year high of $271.78. The business's 50 day simple moving average is $176.54 and its two-hundred day simple moving average is $162.37. The stock has a market capitalization of $149.27 billion, a P/E ratio of 79.13, a price-to-earnings-growth ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The business's quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts forecast that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning's dividend payout ratio is presently 51.14%.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the sale, the senior vice president owned 94,400 shares of the company's stock, valued at approximately $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.25% of the company's stock.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source