Corning Incorporated $GLW Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in Corning Incorporated (NYSE:GLW) by 10.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 96,628 shares of the electronics maker’s stock after selling 10,754 shares during the period. Fifth Third Bancorp’s holdings in Corning were worth $5,082,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Amundi boosted its position in Corning by 64.3% during the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock valued at $271,237,000 after purchasing an additional 2,507,797 shares during the period. Bank of New York Mellon Corp boosted its position in Corning by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock valued at $290,610,000 after purchasing an additional 80,872 shares during the period. Invesco Ltd. boosted its position in Corning by 4.8% during the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker’s stock valued at $290,111,000 after purchasing an additional 288,328 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Corning by 10.6% during the 1st 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 valued at $267,546,000 after purchasing an additional 558,184 shares during the period. Finally, Deutsche Bank AG boosted its position in Corning by 37.1% during the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker’s stock valued at $175,603,000 after purchasing an additional 1,037,875 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GLW. Argus restated a “buy” rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. UBS Group boosted their price objective on Corning from $84.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday. Wolfe Research began coverage on Corning in a research report on Tuesday, July 8th. They set an “outperform” rating for the company. Barclays boosted their price target on Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen lowered Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $70.08.

Corning Stock Down 1.0%

GLW opened at $79.11 on Friday. Corning Incorporated has a one year low of $37.31 and a one year high of $81.58. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The stock’s fifty day moving average is $67.50 and its 200-day moving average is $54.44. The company has a market capitalization of $67.76 billion, a PE ratio of 84.15, a P/E/G ratio of 1.78 and a beta of 1.09.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter 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.

Insider Buying and Selling

In other news, SVP Michael Paul O’day sold 14,879 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company’s stock, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 181,671 shares of company stock worth $11,816,899. 0.40% of the stock is owned by corporate insiders.

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.