Harbour Investments Inc. Lowers Stock Position in Corning Incorporated $GLW

Harbour Investments Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 8.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,640 shares of the electronics maker’s stock after selling 849 shares during the period. Harbour Investments Inc.’s holdings in Corning were worth $454,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. REAP Financial Group LLC boosted its holdings in Corning by 191.5% during the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock worth $27,000 after buying an additional 339 shares in the last quarter. Investment Management Corp VA ADV boosted its holdings in 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 buying an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in 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 buying an additional 353 shares in the last quarter. Banque Transatlantique SA purchased a new stake in Corning during the first quarter worth $34,000. Finally, Resources Management Corp CT ADV lifted its holdings in Corning by 66.7% during the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 300 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Jaymin Amin sold 17,721 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the completion of the sale, the senior vice president directly owned 88,722 shares in the company, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Avery H. Nelson III sold 36,240 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer owned 64,838 shares of the company’s stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock valued at $11,816,899 in the last quarter. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on GLW shares. UBS Group increased their price objective on shares of Corning from $84.00 to $91.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Morgan Stanley increased their price objective on shares of Corning from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, October 10th. Oppenheimer reaffirmed 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. Barclays increased their price objective on shares of Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a report on Wednesday, July 30th. Finally, Wall Street Zen downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a report on Saturday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Corning Price Performance

Corning stock opened at $85.31 on Tuesday. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $87.78. The stock has a market cap of $73.08 billion, a P/E ratio of 90.75, a PEG ratio of 1.89 and a beta of 1.14. The company has a 50-day moving average price of $75.74 and a 200 day moving average price of $59.06. 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 (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $3.84 billion. During the same period last year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, November 14th. Corning’s dividend payout ratio (DPR) 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.