Cidel Asset Management Inc. Lowers Position in Corning Incorporated $GLW

Cidel Asset Management Inc. lowered its holdings in Corning Incorporated (NYSE:GLW) by 9.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,014 shares of the electronics maker’s stock after selling 502 shares during the period. Cidel Asset Management Inc.’s holdings in Corning were worth $264,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Forvis Mazars Wealth Advisors LLC raised its holdings in shares of Corning by 3.8% in the 2nd quarter. Forvis Mazars Wealth Advisors LLC now owns 17,729 shares of the electronics maker’s stock valued at $932,000 after acquiring an additional 655 shares in the last quarter. Chicago Partners Investment Group LLC raised its holdings in shares of Corning by 2.3% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 44,704 shares of the electronics maker’s stock valued at $2,494,000 after buying an additional 1,001 shares in the last quarter. Otter Creek Advisors LLC raised its holdings in shares of Corning by 90.6% during the 2nd quarter. Otter Creek Advisors LLC now owns 85,333 shares of the electronics maker’s stock valued at $4,488,000 after buying an additional 40,574 shares in the last quarter. CapWealth Advisors LLC raised its holdings in shares of Corning by 2.1% during the 2nd quarter. CapWealth Advisors LLC now owns 475,549 shares of the electronics maker’s stock valued at $25,009,000 after buying an additional 9,908 shares in the last quarter. Finally, Koshinski Asset Management Inc. raised its holdings in shares of Corning by 4.7% during the 2nd quarter. Koshinski Asset Management Inc. now owns 8,448 shares of the electronics maker’s stock valued at $444,000 after buying an additional 377 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW opened at $85.31 on Tuesday. The firm has a market cap of $73.08 billion, a price-to-earnings ratio of 90.75, a PEG ratio of 1.89 and a beta of 1.14. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $87.78. The stock’s 50 day simple moving average is $75.74 and its 200 day simple moving average is $59.06. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the prior year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a yield of 1.3%. Corning’s dividend payout ratio (DPR) is presently 119.15%.

Insider Buying and Selling

In related news, COO Avery H. Nelson III sold 36,240 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares of the company’s stock, valued at $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the sale, the executive vice president 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 disclosure for this sale can be found here. Insiders have sold a total of 181,671 shares of company stock valued at $11,816,899 over the last three months. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GLW shares. Susquehanna reissued a “positive” rating and set a $75.00 price objective (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. UBS Group raised their price objective on Corning from $84.00 to $91.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Mizuho raised their price objective on Corning from $74.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. raised their price target on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Finally, Barclays raised 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. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $73.00.

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.