RNC Capital Management LLC Trims Holdings in Corning Incorporated $GLW

Key Points

• RNC Capital Management LLC reduced its holdings in Corning Incorporated by 0.8%, now owning 778,824 shares valued at approximately $35.7 million as of the end of the most recent quarter.
• Corning recently announced a quarterly dividend of $0.28 per share, translating to an annual dividend yield of 1.6%.
• Several analysts have upgraded Corning's stock rating, with UBS raising its target price from $65.00 to $84.00 and maintaining a "buy" rating.

RNC Capital Management LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 0.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 778,824 shares of the electronics maker's stock after selling 6,366 shares during the period. Corning comprises approximately 1.8% of RNC Capital Management LLC's holdings, making the stock its 29th largest holding. RNC Capital Management LLC owned about 0.09% of Corning worth $35,655,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vermillion Wealth Management Inc. purchased a new position in Corning during the 4th quarter valued at about $29,000. Putney Financial Group LLC purchased a new position in shares of Corning during the 4th quarter worth approximately $30,000. Investment Management Corp VA ADV grew its holdings in shares of Corning by 165.9% during 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 grew its holdings in shares of Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares during the period. Finally, Resources Management Corp CT ADV grew its holdings 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 acquiring an additional 300 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GLW shares. Morgan Stanley set a $56.00 target price on Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. UBS Group upgraded Corning from a "neutral" rating to a "buy" rating and upped their target price for the stock from $65.00 to $84.00 in a report on Tuesday, September 2nd. Wolfe Research assumed coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on 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, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $66.75.

Corning Trading Up 2.0%

Shares of NYSE GLW opened at $71.11 on Monday. The company has a market cap of $60.91 billion, a PE ratio of 75.65, a P/E/G ratio of 1.59 and a beta of 1.09. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $71.40. 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 firm's 50 day moving average price is $60.60 and its 200-day moving average price is $51.67.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same period in the prior year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Insider Activity

In other news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This represents a 29.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 163,950 shares of company stock worth $10,449,192. Insiders own 0.32% of the company's stock.

Corning 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.

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