OMERS ADMINISTRATION Corp Has $12.19 Million Stock Holdings in Corning Incorporated $GLW

Key Points

• OMERS ADMINISTRATION Corp sold 4,748 shares of Corning Incorporated ($GLW), reducing its holdings by 1.8% to 266,368 shares, valued at approximately $12.19 million.
• Corning reported an earnings per share of $0.60 for the last quarter, beating estimates, and provided a Q3 2025 guidance of $0.630-0.670 EPS.
• The company is set to pay a quarterly dividend of $0.28 per share on September 29th, 2023, reflecting an annualized yield of 1.7%.

OMERS ADMINISTRATION Corp reduced its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 266,368 shares of the electronics maker's stock after selling 4,748 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Corning were worth $12,194,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Northern Trust Corp grew its stake in shares of Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Corning by 1.3% in 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 acquiring an additional 80,872 shares during the last quarter. Invesco Ltd. boosted its stake in Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $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 boosted its stake in Corning by 6.1% in 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 acquiring an additional 303,607 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Corning by 37.1% in the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after acquiring an additional 1,037,875 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GLW shares. Mizuho raised their price objective on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. UBS Group raised their price objective on shares of Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Barclays raised their price objective on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Susquehanna reiterated a "positive" rating and issued a $75.00 target price (up 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, ten have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Insider Buying and Selling at Corning

In related news, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the firm'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 transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 163,950 shares of company stock valued at $10,449,192 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Corning Stock Down 2.8%

Shares of NYSE:GLW traded down $1.90 during midday trading on Monday, reaching $67.03. 6,191,039 shares of the company were exchanged, compared to its average volume of 5,115,324. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $69.29. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock has a fifty day simple moving average of $58.86 and a two-hundred day simple moving average of $51.09. The firm has a market cap of $57.42 billion, a PE ratio of 71.31, a P/E/G ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping 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 business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period last year, the business posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 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.