Prime Capital Investment Advisors LLC Reduces Holdings in Corning Incorporated $GLW

Key Points

• Prime Capital Investment Advisors LLC cut its holdings in Corning Incorporated (GLW) by 48.4% during the second quarter, leaving it with 7,644 shares valued at approximately $402,000.
• Corning reported earnings of $0.60 per share for the last quarter, exceeding analysts' expectations, with a revenue of $3.86 billion.
• The company announced a quarterly dividend of $0.28 to be paid on December 12th, representing an annualized yield of 1.3% and a payout ratio of 119.15%.

Prime Capital Investment Advisors LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 48.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,644 shares of the electronics maker's stock after selling 7,178 shares during the period. Prime Capital Investment Advisors LLC's holdings in Corning were worth $402,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Capital Advisors Inc. OK increased its position in Corning by 0.5% during the second quarter. Capital Advisors Inc. OK now owns 756,668 shares of the electronics maker's stock worth $39,793,000 after buying an additional 3,427 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV purchased a new stake in Corning during the 2nd quarter worth about $261,000. Appleton Partners Inc. MA increased its position in Corning by 4.4% during the 2nd quarter. Appleton Partners Inc. MA now owns 43,909 shares of the electronics maker's stock worth $2,309,000 after purchasing an additional 1,840 shares in the last quarter. PUREfi Wealth LLC purchased a new stake in Corning during the 2nd quarter worth about $294,000. Finally, Valeo Financial Advisors LLC grew its holdings in shares of Corning by 53.1% during the second quarter. Valeo Financial Advisors LLC now owns 10,454 shares of the electronics maker's stock worth $550,000 after buying an additional 3,624 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

GLW stock opened at $83.00 on Friday. The stock has a 50-day moving average price of $73.19 and a two-hundred day moving average price of $57.18. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $87.78. 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 has a market cap of $71.10 billion, a PE ratio of 88.30, a price-to-earnings-growth ratio of 1.95 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last issued its 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 during the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter in the previous year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, November 14th. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insider Buying and Selling at Corning

In related news, COO Avery H. Nelson III sold 36,240 shares of the 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 completion of the sale, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the sale, the executive vice president 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. In the last three months, insiders have sold 181,671 shares of company stock worth $11,816,899. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GLW shares. Morgan Stanley lifted their price target on shares of Corning from $56.00 to $75.00 and gave the stock an "equal weight" rating in a report on Friday. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. UBS Group lifted their price objective on Corning from $84.00 to $91.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Susquehanna restated a "positive" rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Wolfe Research started coverage on Corning in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average target price of $73.00.

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.

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