Strs Ohio Invests $27.22 Million in Corning Incorporated $GLW

Key Points

• Strs Ohio has acquired 594,551 shares of Corning Incorporated, valued at approximately $27.2 million, representing about 0.07% ownership in the company.
• Corning's stock has recently received multiple positive ratings from analysts, including an upgrade to a strong-buy rating and a price target increase to $72.00 by Oppenheimer.
• The company announced a quarterly dividend of $0.28, yielding 1.5%, while the recent earnings report showed a beat on earnings per share estimates.

Strs Ohio acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 594,551 shares of the electronics maker's stock, valued at approximately $27,219,000. Strs Ohio owned about 0.07% of Corning as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vermillion Wealth Management Inc. acquired a new stake in shares of Corning in the fourth quarter valued at approximately $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $30,000. Investment Management Corp VA ADV grew its position 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 grew its position 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 buying an additional 353 shares in the last quarter. Finally, Banque Transatlantique SA bought a new position in Corning in the 1st quarter valued at about $34,000. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE:GLW traded up $0.91 during trading hours on Monday, hitting $77.95. 8,824,621 shares of the company's stock traded hands, compared to its average volume of 5,965,505. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $78.32. 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 company's fifty day simple moving average is $63.26 and its two-hundred day simple moving average is $52.71. The company has a market cap of $66.77 billion, a price-to-earnings ratio of 82.93, a price-to-earnings-growth ratio of 1.73 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last announced 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. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. During the same period last year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 119.15%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on GLW shares. Mizuho increased their target price on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Argus reiterated a "buy" rating and issued a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and issued a $72.00 target price (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. UBS Group upgraded shares of Corning from a "neutral" rating to a "buy" rating and increased their target price for the company from $65.00 to $84.00 in a research report on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

Insider Buying and Selling

In other Corning news, CFO Edward A. Schlesinger sold 14,082 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the transaction, the chief financial officer directly owned 78,316 shares in the company, valued at $4,877,520.48. This trade represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 163,950 shares of company stock valued at $10,449,192. Company insiders own 0.32% of the company's stock.

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.