ST Germain D J Co. Inc. Grows Position in Corning Incorporated $GLW

Key Points

• ST Germain D J Co. Inc. increased its stake in Corning Incorporated by 2.8% in Q2, holding 170,490 shares valued at approximately $8.97 million.
• Corning received several upgrades from analysts, with UBS Group raising its target price from $84.00 to $91.00 while maintaining a "buy" rating.
• Recent insider selling saw Lewis A. Steverson and Michael Paul O'day sell shares, resulting in significant reductions in their respective holdings.

ST Germain D J Co. Inc. raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 2.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,490 shares of the electronics maker's stock after purchasing an additional 4,702 shares during the quarter. ST Germain D J Co. Inc.'s holdings in Corning were worth $8,966,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Forte Capital LLC ADV raised its holdings in shares of Corning by 2.4% during the 2nd quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker's stock valued at $419,000 after buying an additional 190 shares during the period. Leigh Baldwin & CO. LLC raised its holdings in shares of Corning by 1.7% during the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock valued at $573,000 after buying an additional 210 shares during the period. Old North State Wealth Management LLC raised its holdings in shares of Corning by 0.5% during the 2nd quarter. Old North State Wealth Management LLC now owns 40,325 shares of the electronics maker's stock valued at $2,121,000 after buying an additional 218 shares during the period. Harbour Investments Inc. raised its holdings in shares of Corning by 2.4% during the 1st quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock valued at $434,000 after buying an additional 224 shares during the period. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Corning by 4.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker's stock valued at $227,000 after buying an additional 224 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on GLW. UBS Group raised their target price on Corning from $84.00 to $91.00 and gave the company a "buy" rating in a report on Tuesday. Argus reiterated a "buy" rating and set a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Barclays raised their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen lowered Corning from a "strong-buy" rating to a "hold" rating in a research note on Saturday, September 13th. One equities 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.08.

Insider Buying and Selling

In other news, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 181,671 shares of company stock worth $11,816,899. 0.40% of the stock is currently owned by insiders.

Corning Price Performance

Shares of GLW opened at $79.11 on Friday. The firm has a market cap of $67.76 billion, a price-to-earnings ratio of 84.15, a PEG ratio of 1.78 and a beta of 1.09. The stock has a 50 day moving average of $67.50 and a 200-day moving average of $54.44. 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 Incorporated has a 52 week low of $37.31 and a 52 week high of $81.58.

Corning (NYSE:GLW - Get Free Report) last issued 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. The company had revenue of $3.86 billion during 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 quarter last year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

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.

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