Bank of Montreal Can Raises Position in Corning Incorporated $GLW

Bank of Montreal Can grew its position in Corning Incorporated (NYSE:GLW) by 33.5% during the 2nd quarter, Holdings Channel reports. The fund owned 1,454,979 shares of the electronics maker’s stock after buying an additional 365,475 shares during the quarter. Bank of Montreal Can’s holdings in Corning were worth $76,517,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Forte Capital LLC ADV boosted its holdings in shares of Corning by 2.4% in the second quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker’s stock valued at $419,000 after acquiring an additional 190 shares in the last quarter. Smith Salley Wealth Management boosted its holdings in shares of Corning by 3.3% in the second quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker’s stock valued at $330,000 after acquiring an additional 200 shares in the last quarter. Leigh Baldwin & CO. LLC boosted its holdings in shares of Corning by 1.7% in the first quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker’s stock valued at $573,000 after acquiring an additional 210 shares in the last quarter. BLB&B Advisors LLC boosted its holdings in shares of Corning by 0.7% in the second quarter. BLB&B Advisors LLC now owns 30,443 shares of the electronics maker’s stock valued at $1,601,000 after acquiring an additional 210 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Corning by 1.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,623 shares of the electronics maker’s stock valued at $874,000 after acquiring an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $85.17 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. The stock has a market cap of $72.96 billion, a P/E ratio of 53.91, a PEG ratio of 1.99 and a beta of 1.14. The company has a 50-day moving average of $80.54 and a two-hundred day moving average of $62.76. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $92.57.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The company had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Corning had a net margin of 9.16% and a return on equity of 18.12%. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 earnings per share. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a yield of 1.3%. Corning’s payout ratio is presently 70.89%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent analyst reports. UBS Group raised their price objective on shares of Corning from $91.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Morgan Stanley set a $82.00 price objective on shares of Corning in a research note on Wednesday, October 29th. Citigroup raised their price objective on shares of Corning from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Oppenheimer set a $100.00 price objective on shares of Corning and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Finally, Mizuho set a $97.00 price objective on shares of Corning in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.82.

Insiders Place Their Bets

In other news, CEO Wendell P. Weeks sold 82,103 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the transaction, the chief executive officer owned 809,295 shares of the company’s stock, valued at $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 23,142 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the completion of the transaction, the executive vice president directly owned 17,575 shares of the company’s stock, valued at approximately $1,565,053.75. This represents a 56.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 255,959 shares of company stock valued at $20,808,771. 0.40% of the stock is currently owned by insiders.

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.