Corning Incorporated $GLW Shares Purchased by Sciencast Management LP

Key Points

• Sciencast Management LP increased its stake in Corning Incorporated by 673.8%, owning 78,855 shares valued at $3.61 million, making it their 15th largest position.
• Several institutional investors, including Polar Capital and Amundi, have significantly raised their stakes in Corning, indicating increased investor confidence in the company.
• Equities analysts have raised their price targets for Corning, with UBS Group upgrading their rating to "buy" and increasing the target from $65.00 to $84.00.

Sciencast Management LP lifted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 673.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,855 shares of the electronics maker's stock after purchasing an additional 68,664 shares during the period. Corning comprises approximately 0.8% of Sciencast Management LP's holdings, making the stock its 15th biggest holding. Sciencast Management LP's holdings in Corning were worth $3,610,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. LMR Partners LLP increased its stake in shares of Corning by 140.1% during the 4th 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 in the last quarter. Gotham Asset Management LLC purchased a new position in shares of Corning during the 4th quarter worth approximately $306,000. GAMMA Investing LLC increased its stake in shares of Corning by 29.2% during the 1st 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 in the last quarter. Dynamic Advisor Solutions LLC increased its stake in shares of Corning by 1.3% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Corning by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after purchasing an additional 23,781 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 2.1%

Shares of GLW traded up $1.56 during mid-day trading on Friday, reaching $77.03. The company had a trading volume of 14,733,463 shares, compared to its average volume of 5,935,503. The stock has a market cap of $65.99 billion, a price-to-earnings ratio of 81.95, a price-to-earnings-growth ratio of 1.68 and a beta of 1.09. The firm has a fifty day simple moving average of $62.28 and a 200-day simple moving average of $52.29. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $77.87. 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 quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates 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 business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is 119.15%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent research reports. UBS Group raised shares of Corning from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $65.00 to $84.00 in a research note on Tuesday, September 2nd. Argus reaffirmed a "buy" rating and issued a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Barclays lifted their target price 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. Morgan Stanley set a $56.00 target price on shares of Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Mizuho lifted their target price on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average target price of $66.75.

Insider Buying and Selling at Corning

In related news, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction 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 owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their position. 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 Corning stock in a transaction on 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 transaction, the chief operating officer owned 64,838 shares in the company, valued at $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 163,950 shares of company stock worth $10,449,192. Corporate insiders own 0.40% of the company's stock.

Corning Company 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.