State of New Jersey Common Pension Fund D Sells 21,679 Shares of Corning Incorporated $GLW

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Corning Incorporated (NYSE:GLW) by 7.4%, selling 21,679 shares during the first quarter, bringing their total holdings to 271,347 shares valued at approximately $12.42 million.
• Key market analysts have issued optimistic ratings for Corning, with several brokerages increasing their price targets, including a raise from Susquehanna to $75.00 and from Mizuho to $74.00.
• Corning announced a quarterly dividend of $0.28 per share, indicating a 1.7% yield, with an ex-dividend date set for August 29th.

State of New Jersey Common Pension Fund D decreased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 271,347 shares of the electronics maker's stock after selling 21,679 shares during the period. State of New Jersey Common Pension Fund D's holdings in Corning were worth $12,422,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. Vermillion Wealth Management Inc. acquired a new position in shares of Corning in the fourth quarter valued at approximately $29,000. Putney Financial Group LLC bought a new stake in Corning in the 4th quarter valued at $30,000. Investment Management Corp VA ADV grew its holdings in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after buying an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after buying an additional 353 shares during the period. Finally, Transce3nd LLC bought a new position in Corning during the 4th quarter worth $39,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

Shares of GLW stock traded up $0.05 on Wednesday, reaching $64.57. The company had a trading volume of 5,298,628 shares, compared to its average volume of 5,638,634. The business's 50-day moving average is $56.27 and its 200 day moving average is $50.32. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $55.31 billion, a PE ratio of 68.69, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations 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 company earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Insider Buying and Selling

In related 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 transaction of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares of the company's stock, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the company's stock in a transaction dated 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 directly owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock worth $12,813,804 in the last ninety days. Insiders own 0.32% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on GLW shares. Barclays lifted their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Mizuho increased their price objective 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. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Finally, UBS Group upped their price target on shares of Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $65.17.

Corning 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.