RNC Capital Management LLC Has $40.61 Million Stock Position in Corning Incorporated $GLW

RNC Capital Management LLC reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 0.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 772,161 shares of the electronics maker's stock after selling 6,663 shares during the period. Corning comprises 2.0% of RNC Capital Management LLC's holdings, making the stock its 24th largest position. RNC Capital Management LLC owned about 0.09% of Corning worth $40,608,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. REAP Financial Group LLC lifted its stake in Corning by 191.5% in the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock valued at $27,000 after purchasing an additional 339 shares during the last quarter. Investment Management Corp VA ADV lifted its stake in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its stake in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares during the last quarter. Resources Management Corp CT ADV lifted its stake in Corning by 66.7% in the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 300 shares during the last quarter. Finally, Gen Wealth Partners Inc raised its holdings in Corning by 151.7% in the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 455 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GLW has been the topic of several research analyst reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Corning in a report on Wednesday, October 8th. Mizuho increased their price target on shares of Corning from $74.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, October 3rd. Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. Citigroup increased their price target on shares of Corning from $72.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Finally, Argus reissued a "buy" rating and issued a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Corning Stock Down 2.3%

Shares of GLW opened at $84.04 on Thursday. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $87.78. The firm's 50 day moving average is $76.51 and its 200-day moving average is $59.42. The stock has a market capitalization of $71.99 billion, a PE ratio of 89.40, a P/E/G ratio of 1.92 and a beta of 1.14. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same period last year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities research analysts forecast 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 issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insider Activity at Corning

In other news, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the transaction, the senior vice president directly owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. This represents a 9.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 181,671 shares of company stock valued at $11,816,899. 0.40% of the stock is currently owned by company insiders.

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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