Corning Incorporated $GLW Shares Bought by Versor Investments LP

Key Points

• Versor Investments LP significantly increased its stake in Corning Incorporated by 87.9%, acquiring an additional 12,300 shares for a total holding of 26,286 shares valued at $1,203,000.
• Corning announced a quarterly dividend of $0.28 per share, representing an annual yield of 1.7%, and has a dividend payout ratio of 119.15%.
• Recent analyst reports indicate a positive outlook for Corning, with price targets ranging from $56.00 to $75.00 and numerous buy ratings, reflecting high investor interest.

Versor Investments LP increased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 87.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,286 shares of the electronics maker's stock after acquiring an additional 12,300 shares during the quarter. Versor Investments LP's holdings in Corning were worth $1,203,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of GLW. Polar Capital Holdings Plc bought a new position in shares of Corning during the 4th quarter worth approximately $124,253,000. Nuveen LLC bought a new position in shares of Corning during the 1st quarter worth approximately $104,789,000. Assenagon Asset Management S.A. raised its stake in shares of Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after acquiring an additional 1,483,151 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after acquiring an additional 1,156,746 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in shares of Corning by 37.1% during the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after acquiring an additional 1,037,875 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of GLW stock traded up $0.7950 during trading hours on Friday, hitting $65.6850. The company's stock had a trading volume of 3,435,071 shares, compared to its average volume of 5,973,847. The company has a 50 day moving average of $57.16 and a 200 day moving average of $50.60. The stock has a market cap of $56.27 billion, a PE ratio of 69.88, a price-to-earnings-growth ratio of 1.45 and a beta of 1.08. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $66.50.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 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 business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the prior year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. Corning's dividend payout ratio is 119.15%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GLW. Susquehanna reiterated a "positive" rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Wolfe Research began coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, Argus reissued a "buy" rating and set a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.17.

Insider Activity

In related news, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction 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 directly owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction 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 directly owned 39,759 shares in the company, valued at $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 211,484 shares of company stock valued at $12,813,804 in the last three months. Corporate insiders own 0.40% of the company's stock.

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.