Weatherly Asset Management L. P. Acquires 12,448 Shares of Corning Incorporated $GLW

Key Points

• Weatherly Asset Management L. P. increased its stake in Corning Incorporated (NYSE:GLW) by 21.9% during the second quarter, holding 69,192 shares valued at approximately $3.6 million.
• Corning's quarterly earnings reported a net of $0.60 EPS, exceeding expectations, while the company anticipates 2.33 EPS for the current fiscal year.
• Insiders have sold a total of 181,671 shares of Corning stock in the last 90 days, reflecting a decrease in their ownership, with only 0.4% of the stock controlled by insiders.

Weatherly Asset Management L. P. lifted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 21.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,192 shares of the electronics maker's stock after buying an additional 12,448 shares during the quarter. Weatherly Asset Management L. P.'s holdings in Corning were worth $3,639,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Bridge Creek Capital Management LLC raised its stake in shares of Corning by 1.2% during the second quarter. Bridge Creek Capital Management LLC now owns 110,784 shares of the electronics maker's stock valued at $5,826,000 after purchasing an additional 1,365 shares in the last quarter. Viking Fund Management LLC increased its stake in Corning by 4.0% in the 2nd quarter. Viking Fund Management LLC now owns 260,000 shares of the electronics maker's stock worth $13,673,000 after purchasing an additional 10,000 shares in the last quarter. Phillips Wealth Planners LLC purchased a new position in Corning in the 2nd quarter worth about $582,000. SeaCrest Wealth Management LLC grew its stake in Corning by 4.4% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 12,642 shares of the electronics maker's stock valued at $665,000 after acquiring an additional 537 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. purchased a new position in Corning during the 2nd quarter valued at about $9,898,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In related news, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction dated 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 directly owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the sale, the chief executive officer directly owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 181,671 shares of company stock valued at $11,816,899 in the last ninety days. Insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of Corning stock traded down $0.05 during trading on Friday, reaching $79.57. 10,763,561 shares of the company's stock were exchanged, compared to its average volume of 9,536,202. The company has a market cap of $68.16 billion, a P/E ratio of 84.65, a PEG ratio of 1.78 and a beta of 1.09. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $79.98. 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 firm's 50-day moving average price is $65.38 and its 200 day moving average price is $53.60.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.4%. Corning's dividend payout ratio is 119.15%.

Analysts Set New Price Targets

GLW has been the subject of several research reports. Susquehanna reiterated a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Mizuho upped their price target on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Argus reiterated a "buy" rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Finally, Wall Street Zen cut Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. 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 currently has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Corning Company 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.