Sequoia Financial Advisors LLC Buys 8,743 Shares of Corning Incorporated $GLW

Key Points

• Sequoia Financial Advisors LLC increased its stake in Corning Incorporated by 30.5%, purchasing an additional 8,743 shares, bringing its total holdings to 37,430 shares valued at approximately $1.97 million.
• Insider transactions revealed that Corning's CEO, Wendell P. Weeks, sold 82,103 shares, reducing his ownership by 9.21%, while the COO also sold a significant portion of his shares.
• Corning recently reported an EPS of $0.60 in its latest quarterly earnings, beating estimates, and announced a dividend of $0.28 per share, reflecting a yield of 1.3%.

Sequoia Financial Advisors LLC grew its stake in Corning Incorporated (NYSE:GLW - Free Report) by 30.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,430 shares of the electronics maker's stock after purchasing an additional 8,743 shares during the period. Sequoia Financial Advisors LLC's holdings in Corning were worth $1,968,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of GLW. Amundi grew its stake in shares of Corning by 64.3% in the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock valued at $271,237,000 after purchasing an additional 2,507,797 shares during the period. Nuveen LLC bought a new stake in shares of Corning in the 1st quarter valued at approximately $104,789,000. Kingstone Capital Partners Texas LLC bought a new stake in shares of Corning in the 2nd quarter valued at approximately $92,560,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Corning by 185.7% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,801,411 shares of the electronics maker's stock valued at $94,736,000 after purchasing an additional 1,170,992 shares during the period. Finally, Deutsche Bank AG grew its position in Corning by 37.1% during the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after acquiring an additional 1,037,875 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Avery H. Nelson III sold 36,240 shares of the firm's 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 completion of the transaction, 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 181,671 shares of company stock worth $11,816,899 over the last three months. Insiders own 0.40% of the company's stock.

Corning Stock Up 2.5%

Shares of GLW opened at $86.76 on Thursday. The firm has a market capitalization of $74.32 billion, a price-to-earnings ratio of 92.30, a PEG ratio of 1.89 and a beta of 1.14. 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 business's fifty day moving average price is $74.52 and its two-hundred day moving average price is $57.99. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $87.78.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, November 14th. Corning's dividend payout ratio (DPR) is currently 119.15%.

Wall Street Analyst Weigh In

A number of research firms recently commented on GLW. JPMorgan Chase & Co. increased their price target on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Wall Street Zen lowered Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. Susquehanna restated a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Morgan Stanley increased their price target on Corning from $56.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Friday, October 10th. Finally, Barclays increased their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. One investment 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 MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

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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