Corning Incorporated $GLW Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD has sold 10,329,772 shares of Corning Incorporated, reducing its stake by 37.8%, leaving the fund with approximately 1.99% ownership valued at $778.5 million.
• Corning has seen various institutional investors increase their holdings during the same period, with notable increases including Dorsey & Whitney Trust and Credit Agricole S A by 70.2% and 8.4%, respectively.
• Analysts predict positive growth for Corning, with a consensus target price of $65.17 and several firms issuing ratings ranging from Buy to Outperform, reflecting general confidence in the company's future performance.

Price T Rowe Associates Inc. MD lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 37.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,005,661 shares of the electronics maker's stock after selling 10,329,772 shares during the quarter. Price T Rowe Associates Inc. MD owned 1.99% of Corning worth $778,520,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after buying an additional 2,114 shares in the last quarter. MML Investors Services LLC lifted its holdings in Corning by 7.2% in the fourth quarter. MML Investors Services LLC now owns 73,270 shares of the electronics maker's stock valued at $3,482,000 after acquiring an additional 4,916 shares during the period. Hsbc Holdings PLC lifted its holdings in Corning by 2.9% in the fourth quarter. Hsbc Holdings PLC now owns 1,433,814 shares of the electronics maker's stock valued at $68,066,000 after acquiring an additional 40,471 shares during the period. Dark Forest Capital Management LP boosted its position in shares of Corning by 71.7% during the 4th quarter. Dark Forest Capital Management LP now owns 10,631 shares of the electronics maker's stock worth $505,000 after purchasing an additional 4,439 shares in the last quarter. Finally, MGO One Seven LLC grew its stake in shares of Corning by 43.8% during the 4th quarter. MGO One Seven LLC now owns 68,903 shares of the electronics maker's stock worth $3,274,000 after purchasing an additional 20,999 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Up 1.1%

Shares of GLW stock traded up $0.72 during mid-day trading on Tuesday, reaching $67.50. 4,969,428 shares of the company were exchanged, compared to its average volume of 5,593,686. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The business's 50 day simple moving average is $57.48 and its 200 day simple moving average is $50.66. The company has a market capitalization of $57.83 billion, a P/E ratio of 71.81, a P/E/G ratio of 1.47 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $67.68.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period last year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared 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 of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. Corning's payout ratio is 119.15%.

Insider Buying and Selling at Corning

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total transaction 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. The trade was a 15.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 211,484 shares of company stock worth $12,813,804. 0.32% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on GLW shares. Argus restated a "buy" rating and set a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. Wolfe Research started coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Morgan Stanley set a $56.00 price target on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased 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. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Company 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.