Two Point Capital Management Inc. Acquires Shares of 61,061 Corning Incorporated $GLW

Key Points

• Two Point Capital Management Inc. acquired 61,061 shares of Corning Incorporated, valued at approximately $3.2 million, making it the firm’s 23rd largest holding.
• Insiders, including EVP Lewis A. Steverson and CEO Wendell P. Weeks, have recently sold a combined total of 181,671 shares, indicating a shift in their positions within the company.
• Corning's stock is currently priced at $82.56, with a 12-month high of $84.35 and a P/E ratio of 87.83, reflecting significant performance and market activity.

Two Point Capital Management Inc. bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 61,061 shares of the electronics maker's stock, valued at approximately $3,211,000. Corning comprises approximately 1.4% of Two Point Capital Management Inc.'s portfolio, making the stock its 23rd biggest holding.

A number of other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC raised its holdings in Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Corning by 5,814.8% in the 1st quarter. GAMMA Investing LLC now owns 519,969 shares of the electronics maker's stock worth $23,804,000 after purchasing an additional 511,178 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Corning in the 1st quarter valued at about $230,000. NBC Securities Inc. lifted its position in shares of Corning by 100,100.0% during the first quarter. NBC Securities Inc. now owns 10,020 shares of the electronics maker's stock worth $458,000 after purchasing an additional 10,010 shares during the last quarter. Finally, Merit Financial Group LLC grew its stake in Corning by 112.4% in the first quarter. Merit Financial Group LLC now owns 23,169 shares of the electronics maker's stock worth $1,061,000 after purchasing an additional 12,259 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president owned 39,759 shares in the company, valued at $2,473,804.98. This represents a 29.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 181,671 shares of company stock worth $11,816,899. 0.40% of the stock is owned by company insiders.

Corning Price Performance

Shares of GLW opened at $82.56 on Friday. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $84.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The stock has a fifty day moving average price of $70.18 and a 200 day moving average price of $55.66. The company has a market cap of $70.72 billion, a P/E ratio of 87.83, a PEG ratio of 1.85 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating 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 the consensus estimate 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. On average, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. Oppenheimer restated an "outperform" rating and set a $72.00 price objective (up previously from $55.00) on shares of Corning 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. UBS Group raised their price objective on Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Citigroup lifted their price objective on shares of Corning from $72.00 to $93.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. increased their target price on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.08.

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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