TD Asset Management Inc Sells 82,385 Shares of Corning Incorporated $GLW

Key Points

• TD Asset Management Inc reduced its stake in Corning Incorporated by 10.1%, selling 82,385 shares and holding a total of 729,334 shares valued at approximately $38.36 million.
• Corning's most recent earnings report exceeded expectations, revealing an earnings per share of $0.60, which was $0.03 above the consensus estimate of $0.57.
• The company will pay a quarterly dividend of $0.28 on December 12th, representing a 1.3% yield, with a payout ratio of 119.15%.

TD Asset Management Inc lowered its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 729,334 shares of the electronics maker's stock after selling 82,385 shares during the period. TD Asset Management Inc owned 0.09% of Corning worth $38,356,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of GLW. Amundi grew its holdings in Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares during the period. Nuveen LLC bought a new position in Corning during the first quarter worth about $104,789,000. Kingstone Capital Partners Texas LLC bought a new position in Corning during the second quarter worth about $92,560,000. Robeco Institutional Asset Management B.V. grew its holdings in Corning by 185.7% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,801,411 shares of the electronics maker's stock worth $94,736,000 after purchasing an additional 1,170,992 shares during the period. Finally, Deutsche Bank AG grew its holdings in Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after purchasing an additional 1,037,875 shares during the period. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GLW. JPMorgan Chase & Co. raised their price objective on shares of 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 downgraded shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. Citigroup raised their price objective on shares of Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Barclays raised their price objective on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Wolfe Research began coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. One 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 company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $73.00.

Corning Stock Up 0.2%

NYSE GLW opened at $86.81 on Friday. 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 1-year low of $37.31 and a 1-year high of $87.78. The company has a 50 day moving average of $74.96 and a 200-day moving average of $58.27. The company has a market cap of $74.36 billion, a price-to-earnings ratio of 92.35, a PEG ratio of 1.93 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $3.84 billion. During the same period in the previous year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insiders Place Their Bets

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

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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