QRG Capital Management Inc. Buys 9,137 Shares of Corning Incorporated $GLW

Key Points

• QRG Capital Management Inc. increased its stake in Corning Incorporated (NYSE:GLW) by 21.6%, acquiring an additional 9,137 shares, bringing its total holdings to 51,449 shares valued at approximately $2,706,000.
• Several other institutional investors also expanded their positions in Corning, with 69.80% of the company's stock currently held by institutional investors and hedge funds.
• Corning's recent earnings report showed an EPS of $0.60, exceeding analysts' expectations and indicating strong financial performance with a revenue of $3.86 billion for the quarter.

QRG Capital Management Inc. raised its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 21.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,449 shares of the electronics maker's stock after purchasing an additional 9,137 shares during the period. QRG Capital Management Inc.'s holdings in Corning were worth $2,706,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Investment Management Corp VA ADV raised its holdings in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Corning by 90.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the period. Resources Management Corp CT ADV lifted its position in shares of Corning by 66.7% during the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock worth $34,000 after purchasing an additional 300 shares during the last quarter. Gen Wealth Partners Inc boosted its stake 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 purchasing an additional 455 shares during the period. Finally, Banque Transatlantique SA acquired a new stake in Corning in the 1st quarter valued at approximately $34,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the transaction, the chief operating officer directly owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the business'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 sale, the executive vice president owned 39,759 shares in the company, valued at $2,473,804.98. This represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock worth $11,816,899 over the last three months. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Barclays upped their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and issued a $72.00 price target (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Citigroup upped their price objective on shares of Corning from $72.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, Wolfe Research began coverage on Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus target price of $71.42.

Corning Stock Performance

NYSE GLW opened at $85.34 on Tuesday. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $86.10. 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 market cap of $73.10 billion, a P/E ratio of 90.79, a PEG ratio of 1.86 and a beta of 1.14. The company's 50-day simple moving average is $71.34 and its 200 day simple moving average is $56.27.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter last year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.