USS Investment Management Ltd Sells 82,300 Shares of Corning Incorporated $GLW

Key Points

• USS Investment Management Ltd reduced its holdings in Corning Incorporated by 37.1% in Q1, owning 139,565 shares valued at $6.39 million after selling 82,300 shares during the period.
• Corning recently announced a quarterly dividend of $0.28 per share, with an annualized yield of 1.6%, which is set to be paid on September 29.
• The company reported Q2 earnings of $0.60 EPS, exceeding estimates of $0.57, with a revenue of $3.86 billion, surpassing analyst expectations.

USS Investment Management Ltd cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 37.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 139,565 shares of the electronics maker's stock after selling 82,300 shares during the period. USS Investment Management Ltd's holdings in Corning were worth $6,389,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of GLW. Amundi raised its position in Corning by 64.3% during the 1st 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 last quarter. Bank of New York Mellon Corp grew its stake in shares of Corning by 1.3% in the 1st 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 buying an additional 80,872 shares during the period. Invesco Ltd. grew its stake in shares of Corning by 4.8% in the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock valued at $290,111,000 after buying an additional 288,328 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Corning by 6.1% in the 4th 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 buying an additional 303,607 shares during the period. Finally, Deutsche Bank AG boosted its stake in Corning by 37.1% during the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock valued at $175,603,000 after purchasing an additional 1,037,875 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Shares of NYSE:GLW traded up $1.60 during mid-day trading on Friday, reaching $77.07. The company had a trading volume of 11,959,347 shares, compared to its average volume of 5,930,821. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm has a market cap of $66.02 billion, a price-to-earnings ratio of 82.00, a PEG ratio of 1.68 and a beta of 1.09. The company's 50-day moving average price is $62.28 and its 200-day moving average price is $52.29. Corning Incorporated has a one year low of $37.31 and a one year high of $77.87.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for 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 quarter in the previous year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 119.15%.

Insider Buying and Selling

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. The trade was a 35.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the sale, the chief financial officer directly owned 78,316 shares in the company, valued at $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 a total of 163,950 shares of company stock worth $10,449,192 in the last three months. Insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GLW. Susquehanna reiterated a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Wolfe Research began coverage on Corning in a research note on Tuesday, July 8th. They set an "outperform" rating for the company. Morgan Stanley set a $56.00 price target on Corning and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Argus reiterated a "buy" rating and set a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. Finally, Oppenheimer reiterated an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and a consensus 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.