Raymond James Financial Inc. Sells 180,970 Shares of Corning Incorporated $GLW

Key Points

• Raymond James Financial Inc. reduced its holdings in Corning Incorporated by 9.3% during Q1, owning approximately $80.85 million worth of shares after the sale.
• Institutional investors collectively own 69.80% of Corning's stock, with significant purchases made recently by firms like Polar Capital Holdings and Nuveen LLC.
• Corning announced a quarterly dividend of $0.28 per share, with an ex-dividend date set for August 29th, representing an annualized yield of 1.7%.

Raymond James Financial Inc. lowered its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 9.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,766,050 shares of the electronics maker's stock after selling 180,970 shares during the quarter. Raymond James Financial Inc. owned about 0.21% of Corning worth $80,850,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. LMR Partners LLP boosted its position in Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after purchasing an additional 700,442 shares during the period. Gotham Asset Management LLC bought a new stake in Corning during the fourth quarter worth approximately $306,000. GAMMA Investing LLC boosted its position in Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after purchasing an additional 2,567 shares during the period. Dynamic Advisor Solutions LLC boosted its position in shares of Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after acquiring an additional 297 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after acquiring an additional 23,781 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of NYSE GLW traded up $0.7950 during trading hours on Friday, reaching $65.6850. The stock had a trading volume of 3,435,071 shares, compared to its average volume of 5,973,847. The business's fifty day moving average is $57.16 and its two-hundred day moving average is $50.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The company has a market cap of $56.27 billion, a price-to-earnings ratio of 69.88, a PEG ratio of 1.45 and a beta of 1.08. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $66.50.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating 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 analyst estimates of $3.84 billion. During the same period in the prior year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 119.15%.

Insider Activity

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,484 shares of company stock valued at $12,813,804. 0.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

GLW has been the subject of several research reports. Argus reissued a "buy" rating and issued a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Wolfe Research initiated coverage on Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. Mizuho increased their price objective on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Citigroup increased their price objective on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Susquehanna reissued a "positive" rating and issued a $75.00 price objective (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $65.17.

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.