Corning Incorporated $GLW Shares Purchased by Trexquant Investment LP

Key Points

• Trexquant Investment LP increased its stake in Corning Incorporated (NYSE:GLW) by 2.8% in Q1, owning 623,667 shares valued at approximately $28.55 million.
• Corning reported $0.60 EPS for the last quarter, exceeding the consensus estimate of $0.57, with revenue of $3.86 billion versus expectations of $3.84 billion.
• The company announced a quarterly dividend of $0.28 to be paid on September 29th, reflecting a 1.7% dividend yield and a payout ratio of 119.15%.

Trexquant Investment LP increased its position in Corning Incorporated (NYSE:GLW - Free Report) by 2.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 623,667 shares of the electronics maker's stock after purchasing an additional 17,232 shares during the period. Trexquant Investment LP owned 0.07% of Corning worth $28,551,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Northern Trust Corp boosted its stake in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after acquiring an additional 208,826 shares during the period. Bank of New York Mellon Corp boosted its stake in Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after acquiring an additional 80,872 shares during the period. Invesco Ltd. boosted its stake in Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after acquiring an additional 288,328 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Corning by 6.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock valued at $251,190,000 after acquiring an additional 303,607 shares during the period. Finally, Deutsche Bank AG boosted its stake in Corning by 37.1% in the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after acquiring an additional 1,037,875 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW traded down $1.90 during mid-day trading on Monday, reaching $67.03. 6,191,039 shares of the company's stock traded hands, compared to its average volume of 5,115,324. The business's 50-day moving average price is $58.86 and its 200-day moving average price is $51.09. The stock has a market capitalization of $57.42 billion, a P/E ratio of 71.31, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $69.29.

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 return on equity of 17.27% and a net margin of 5.77%.The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities analysts predict 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. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.7%. Corning's payout ratio is presently 119.15%.

Wall Street Analyst Weigh In

A number of brokerages have commented on GLW. Wolfe Research began coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Barclays lifted their target price on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Morgan Stanley set a $56.00 price target on Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Susquehanna reaffirmed a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average price target of $65.17.

Insider Activity

In related news, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the sale, the executive vice president owned 39,759 shares of the company's stock, valued at $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,950 shares of company stock valued at $10,449,192 over the last 90 days. Corporate insiders own 0.32% of the company's stock.

Corning Company 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.