State of Alaska Department of Revenue Sells 3,710 Shares of Corning Incorporated $GLW

Key Points

• The State of Alaska Department of Revenue reduced its holdings in Corning Incorporated by 4.1% in the second quarter, selling 3,710 shares and retaining a total of 86,574 shares valued at approximately $4.55 million.
• Insider trading revealed that SVP Jaymin Amin sold 17,721 shares of Corning for over $1.36 million, resulting in a 16.65% decrease in their ownership.
• Corning's latest earnings report showed a quarterly EPS of $0.60, surpassing the consensus estimate of $0.57, along with revenue of $3.86 billion.

State of Alaska Department of Revenue lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 86,574 shares of the electronics maker's stock after selling 3,710 shares during the period. State of Alaska Department of Revenue's holdings in Corning were worth $4,552,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Investment Management Corp VA ADV increased its position in Corning by 165.9% during the first 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 raised its holdings in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after acquiring an additional 353 shares in the last quarter. Resources Management Corp CT ADV lifted its position in shares of Corning by 66.7% in 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. Gen Wealth Partners Inc lifted its position in Corning by 151.7% in the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after purchasing an additional 455 shares during the period. Finally, Banque Transatlantique SA acquired a new stake in Corning during the first quarter worth $34,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Jaymin Amin sold 17,721 shares of the stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the transaction, the senior vice president directly owned 88,722 shares of the company's stock, valued at $6,847,563.96. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,671 shares of company stock valued at $11,816,899. Insiders own 0.32% of the company's stock.

Corning Trading Up 1.1%

NYSE GLW opened at $80.26 on Tuesday. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $81.58. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average of $68.53 and a 200-day moving average of $55.04. The company has a market cap of $68.75 billion, a PE ratio of 85.38, a PEG ratio of 1.77 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly 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. The firm 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 period in the prior year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GLW. Wall Street Zen lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. Citigroup boosted their price target on Corning from $72.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They set an "outperform" rating for the company. Barclays upped their target price on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, Morgan Stanley set a $56.00 price objective on shares of Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. One 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $70.08.

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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