UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Increases Holdings in Corning Incorporated $GLW

Key Points

• UBS Asset Management increased its stake in Corning Incorporated by 10.6%, acquiring an additional 558,184 shares, bringing their total ownership to approximately 5.84 million shares valued at $267.5 million.
• Corning recently announced a quarterly dividend of $0.28 per share, with a yield of 1.5%, and a payout ratio of 119.15%.
• Corning's stock has experienced a 3.5% increase and is currently priced at $74.93, with a 52-week range between $37.31 and $75.05.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,844,174 shares of the electronics maker's stock after acquiring an additional 558,184 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.68% of Corning worth $267,546,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC purchased a new stake in Corning during the fourth quarter valued at about $30,000. Investment Management Corp VA ADV grew its stake in shares of Corning by 165.9% during the first 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 during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Corning by 90.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after buying an additional 353 shares during the period. Finally, Banque Transatlantique SA bought a new stake in shares of Corning in the 1st quarter valued at about $34,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Up 2.1%

Shares of NYSE:GLW traded up $1.56 during trading on Friday, reaching $77.03. 14,749,952 shares of the stock traded hands, compared to its average volume of 7,333,147. The stock has a market cap of $65.99 billion, a P/E ratio of 81.95, a price-to-earnings-growth ratio of 1.69 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. The stock has a 50-day moving average of $62.75 and a two-hundred day moving average of $52.49. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $77.87.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period in the previous year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.5%. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insider Activity at Corning

In other 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 transaction of $927,854.44. Following the sale, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction, the chief financial officer owned 78,316 shares of the company's stock, valued at approximately $4,877,520.48. The trade was a 15.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,950 shares of company stock worth $10,449,192 in the last three months. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GLW. Susquehanna restated a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Barclays lifted their target price on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Wolfe Research began coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. Finally, Mizuho boosted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average target price of $66.75.

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.