Cardinal Point Capital Management ULC Raises Holdings in Corning Incorporated $GLW

Cardinal Point Capital Management ULC increased its holdings in Corning Incorporated (NYSE:GLW) by 1.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 30,982 shares of the electronics maker’s stock after purchasing an additional 500 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Corning were worth $1,629,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GLW. REAP Financial Group LLC lifted its stake 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 purchasing an additional 339 shares in the last quarter. Investment Management Corp VA ADV increased its holdings in Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after buying an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew 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 last quarter. Banque Transatlantique SA purchased a new position in shares of Corning during the first quarter worth about $34,000. Finally, Resources Management Corp CT ADV grew its holdings in shares of Corning by 66.7% during the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker’s stock worth $34,000 after purchasing an additional 300 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related 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 transaction of $1,035,714.12. Following the completion of the sale, the executive vice president directly owned 39,759 shares of the company’s stock, valued at $2,473,804.98. This represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jaymin Amin sold 17,721 shares of the stock in a transaction that occurred on 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 sale, the senior vice president directly owned 88,722 shares of the company’s stock, valued at approximately $6,847,563.96. This represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,671 shares of company stock valued at $11,816,899. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research reports. Barclays raised their price target on Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 30th. UBS Group lifted their price objective on Corning from $84.00 to $91.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Corning in a research note on Wednesday, October 8th. Susquehanna restated a “positive” rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $73.00.

Corning Price Performance

Shares of NYSE:GLW opened at $85.84 on Friday. The firm has a 50-day simple moving average of $76.91 and a 200 day simple moving average of $59.74. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The company has a market cap of $73.54 billion, a PE ratio of 91.32, a P/E/G ratio of 1.88 and a beta of 1.14. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $87.78.

Corning (NYSE:GLW) last posted 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. The business had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period last year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

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