West Branch Capital LLC Has $133,000 Stock Holdings in Corning Incorporated $GLW

Key Points

• West Branch Capital LLC significantly reduced its holdings in Corning Incorporated by 70.5% during the second quarter, leaving it with shares worth $133,000.
• Institutional investors now own 69.80% of Corning's stock, with several hedge funds increasing their positions in the company in the first quarter.
• Corning reported earnings per share of $0.60, exceeding estimates, and is projected to post an average of 2.33 EPS for the current fiscal year.

West Branch Capital LLC cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 70.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,530 shares of the electronics maker's stock after selling 6,047 shares during the period. West Branch Capital LLC's holdings in Corning were worth $133,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Amundi raised its holdings in Corning by 64.3% in the first 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. Bank of New York Mellon Corp raised its holdings in shares of Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after acquiring an additional 80,872 shares during the period. Invesco Ltd. raised its holdings in shares of Corning by 4.8% during the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock worth $290,111,000 after acquiring an additional 288,328 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Corning by 10.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker's stock worth $267,546,000 after acquiring an additional 558,184 shares during the period. Finally, Deutsche Bank AG raised its holdings in shares of Corning by 37.1% during the first 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 during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Jaymin Amin sold 17,721 shares of Corning stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the transaction, the senior vice president owned 88,722 shares of the company's stock, valued at $6,847,563.96. This trade represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 181,671 shares of company stock worth $11,816,899. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. Mizuho raised their price objective on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Barclays raised their price objective on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and set a $72.00 price objective (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. Argus reiterated a "buy" rating and issued a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. Finally, Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. One research 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.com, Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.08.

Corning Stock Up 0.3%

Shares of GLW stock opened at $79.33 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 $81.58. The firm's fifty day moving average price is $68.01 and its two-hundred day moving average price is $54.67. The firm has a market capitalization of $67.96 billion, a P/E ratio of 84.39, a PEG ratio of 1.77 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period in the previous year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

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.

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