Advisors Asset Management Inc. Sells 80,802 Shares of Corning Incorporated $GLW

Advisors Asset Management Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 14.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 463,982 shares of the electronics maker’s stock after selling 80,802 shares during the quarter. Advisors Asset Management Inc. owned about 0.05% of Corning worth $21,241,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the fourth quarter worth approximately $29,000. Putney Financial Group LLC acquired a new position in shares of Corning during the fourth quarter worth $30,000. Investment Management Corp VA ADV lifted its holdings in shares of Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock worth $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock worth $34,000 after purchasing an additional 353 shares during the period. Finally, Gen Wealth Partners Inc lifted its holdings in shares of Corning by 151.7% during the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 455 shares during the period. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. Oppenheimer reiterated an “outperform” rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Mizuho boosted their target price on shares of Corning from $63.00 to $74.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Susquehanna restated a “positive” rating and issued a $75.00 target price (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 11th. Finally, Morgan Stanley set a $56.00 target price on shares of Corning and gave the company an “equal weight” rating in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $66.75.

Insider Activity at Corning

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value 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 represents a 29.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares in the company, valued at $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,950 shares of company stock worth $10,449,192 in the last ninety days. Insiders own 0.32% of the company’s stock.

Corning Trading Up 2.1%

NYSE:GLW opened at $68.43 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The firm has a 50-day moving average of $59.50 and a 200-day moving average of $51.31. The company has a market cap of $58.62 billion, a PE ratio of 72.80, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $37.31 and a one year high of $69.29.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period in the prior 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 expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 29th. Corning’s dividend payout ratio is presently 119.15%.

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.