Royal Bank of Canada Decreases Stake in Corning Incorporated $GLW

Key Points

• Royal Bank of Canada reduced its stake in Corning Incorporated by 15.3%, selling 601,307 shares and holding approximately 3.34 million shares valued at $152.88 million.
• Corning's CFO and SVP recently sold significant shares, indicating a 15% decrease in their positions, as corporate insiders sold a total of 163,950 shares worth over $10 million in the last 90 days.
• Wall Street analysts have a moderate consensus rating on Corning, with a projected average price target of $66.75 and multiple brokerages assigning buy ratings and increasing their price targets.

Royal Bank of Canada lowered its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,339,439 shares of the electronics maker's stock after selling 601,307 shares during the quarter. Royal Bank of Canada owned 0.39% of Corning worth $152,880,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new stake in Corning in the 4th quarter worth $30,000. Investment Management Corp VA ADV boosted its stake 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 valued at $34,000 after purchasing an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake 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 valued at $34,000 after purchasing an additional 353 shares in the last quarter. Finally, Gen Wealth Partners Inc boosted its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Barclays lifted their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Susquehanna restated a "positive" rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and set a $72.00 target price (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Citigroup upped their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

Corning Trading Up 1.2%

GLW stock traded up $0.83 during trading on Monday, hitting $72.02. The company had a trading volume of 2,638,916 shares, compared to its average volume of 5,693,309. The firm has a market capitalization of $61.70 billion, a P/E ratio of 76.66, a PEG 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 $72.54. The company has a 50 day simple moving average of $60.60 and a 200-day simple moving average of $51.67. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

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 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 in the prior 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 forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 yield of 1.6%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is presently 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 dated Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares in the company, 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. Insiders sold 163,950 shares of company stock worth $10,449,192 over the last quarter. Corporate insiders own 0.32% of the company's stock.

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.