The Manufacturers Life Insurance Company Sells 15,471 Shares of Corning Incorporated $GLW

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Corning Incorporated by 3.2%, now owning approximately 0.05% of the company with a position valued at $21.34 million.
• CEO Wendell P. Weeks sold over 82,000 shares of Corning stock recently, resulting in a 9.21% decrease in his ownership, while overall insider selling has amounted to $10.45 million in the last three months.
• Analysts have raised price targets for Corning, with UBS setting a new target of $84.00 and several other firms reaffirming their positive ratings, indicating a general consensus of a Moderate Buy for the stock.

The Manufacturers Life Insurance Company decreased its position in Corning Incorporated (NYSE:GLW - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 466,147 shares of the electronics maker's stock after selling 15,471 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of Corning worth $21,340,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. LMR Partners LLP grew its position in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after acquiring an additional 700,442 shares in the last quarter. Gotham Asset Management LLC acquired a new stake in shares of Corning during the 4th quarter worth approximately $306,000. GAMMA Investing LLC raised its position in shares of Corning by 29.2% during the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after purchasing an additional 2,567 shares during the period. Dynamic Advisor Solutions LLC raised its position in shares of Corning by 1.3% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after buying an additional 23,781 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. UBS Group upgraded shares of Corning from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $65.00 to $84.00 in a research note on Tuesday, September 2nd. Argus restated a "buy" rating and set a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and set a $72.00 price objective (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $66.75.

Corning Stock Up 0.7%

Corning stock traded up $0.48 during mid-day trading on Monday, hitting $71.67. The company's stock had a trading volume of 2,200,977 shares, compared to its average volume of 5,690,250. The firm's 50 day moving average is $60.60 and its 200 day moving average is $51.67. The company has a market cap of $61.39 billion, a PE ratio of 76.23, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $72.54.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same period in the prior year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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 paid a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.6%. Corning's payout ratio is 119.15%.

Insider Transactions at Corning

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of the firm's 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 transaction, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,950 shares of company stock valued at $10,449,192. Corporate 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.