Viking Fund Management LLC Acquires 10,000 Shares of Corning Incorporated $GLW

Key Points

• Viking Fund Management LLC increased its stake in Corning Incorporated by 4.0%, acquiring an additional 10,000 shares, bringing its total to 260,000 shares valued at approximately $13.67 million.
• Several institutional investors have significantly boosted their holdings in Corning, with Amundi increasing its stake by 64.3% and SG Americas Securities LLC by 3,441.4%.
• Corning has garnered positive analyst attention, receiving multiple "outperform" ratings and target price increases, with the average target now at $66.75.

Viking Fund Management LLC boosted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 4.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 260,000 shares of the electronics maker's stock after buying an additional 10,000 shares during the quarter. Corning accounts for about 1.9% of Viking Fund Management LLC's investment portfolio, making the stock its 10th largest position. Viking Fund Management LLC's holdings in Corning were worth $13,673,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Amundi boosted its stake in Corning by 64.3% in 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 period. Nuveen LLC acquired a new position in Corning in the 1st quarter worth approximately $104,789,000. Kingstone Capital Partners Texas LLC acquired a new position in Corning in the 2nd quarter worth approximately $92,560,000. Assenagon Asset Management S.A. boosted its stake in Corning by 101.0% in 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 purchasing an additional 1,483,151 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Corning by 3,441.4% in the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after purchasing an additional 1,156,746 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. Wolfe Research initiated coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Mizuho lifted their target price on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Finally, UBS Group raised shares of Corning from a "neutral" rating to a "buy" rating and lifted their target price for the company from $65.00 to $84.00 in a research note on Tuesday, September 2nd. One 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 company's stock. Based on data from MarketBeat, Corning has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Transactions at Corning

In related news, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer owned 809,295 shares in the company, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 181,671 shares of company stock worth $11,816,899. Corporate insiders own 0.40% of the company's stock.

Corning Stock Down 0.1%

GLW stock opened at $79.57 on Friday. 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 1 year low of $37.31 and a 1 year high of $79.98. The company has a fifty day simple moving average of $65.38 and a 200 day simple moving average of $53.50. The firm has a market cap of $68.16 billion, a PE ratio of 84.65, a PEG ratio of 1.78 and a beta of 1.09.

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 (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 during the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the previous year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

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 $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is 119.15%.

Corning 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.

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