KLP Kapitalforvaltning AS Purchases 5,300 Shares of Corning Incorporated $GLW

KLP Kapitalforvaltning AS boosted its position in Corning Incorporated (NYSE:GLW) by 1.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 428,860 shares of the electronics maker’s stock after buying an additional 5,300 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.05% of Corning worth $22,554,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Amundi boosted its stake in shares of Corning by 64.3% in the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock worth $271,237,000 after buying an additional 2,507,797 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Corning by 1.3% in the first 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 last quarter. Invesco Ltd. lifted its stake in Corning by 4.8% in the first 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Corning by 10.6% in the first 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 last quarter. Finally, Deutsche Bank AG lifted its stake in Corning by 37.1% in the first 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 last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 0.3%

Shares of NYSE:GLW opened at $85.08 on Wednesday. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $86.23. The firm has a fifty day moving average of $71.80 and a 200 day moving average of $56.47. The firm has a market capitalization of $72.88 billion, a PE ratio of 90.51, a price-to-earnings-growth ratio of 1.90 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

Corning (NYSE:GLW) last announced its earnings results 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 company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same period in the previous year, the business earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the company’s stock in a transaction dated 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 in the company, valued at $2,473,804.98. This represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Michael Paul O’day sold 14,879 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction 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 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 three months. 0.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on GLW. Wolfe Research began coverage on Corning in a research note on Tuesday, July 8th. They issued an “outperform” rating on the stock. Susquehanna reissued 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. 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. UBS Group upped their price target on shares of Corning from $84.00 to $91.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three 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 a consensus price target of $71.42.

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.