Grandfield & Dodd LLC Sells 48,379 Shares of Corning Incorporated $GLW

Grandfield & Dodd LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 28.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 119,765 shares of the electronics maker’s stock after selling 48,379 shares during the period. Grandfield & Dodd LLC’s holdings in Corning were worth $6,298,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in Corning by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker’s stock valued at $1,018,629,000 after acquiring an additional 112,739 shares during the period. Amundi lifted its position in Corning by 64.3% during the first 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. Invesco Ltd. grew its position in Corning by 4.8% in the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker’s stock worth $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 raised its stake 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 buying an additional 558,184 shares during the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of 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 buying an additional 1,037,875 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 7.5%

Corning stock opened at $82.29 on Friday. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $92.57. The firm’s 50 day moving average price is $83.15 and its 200-day moving average price is $64.63. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 0.93. The stock has a market cap of $70.55 billion, a P/E ratio of 52.08, a PEG ratio of 1.99 and a beta of 1.15.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. Corning had a net margin of 9.16% and a return on equity of 18.12%. The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the company posted $0.54 earnings per share. Corning’s quarterly revenue was up 20.9% on a year-over-year basis. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. On average, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, November 14th. Corning’s dividend payout ratio (DPR) is currently 70.89%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GLW shares. Oppenheimer set a $100.00 target price on Corning and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Mizuho set a $97.00 target price on shares of Corning in a report on Wednesday, October 29th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Wall Street Zen cut shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Argus raised their price objective on shares of Corning from $68.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. One research 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 stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $90.82.

Insider Buying and Selling at Corning

In related news, SVP Stefan Becker sold 12,100 shares of the firm’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total value of $1,104,488.00. Following the completion of the transaction, the senior vice president directly owned 5,049 shares of the company’s stock, valued at approximately $460,872.72. This trade represents a 70.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jaymin Amin sold 17,721 shares of the company’s stock in a transaction 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 in the company, valued at approximately $6,847,563.96. The trade was a 16.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 173,856 shares of company stock worth $15,456,476. Company insiders own 0.32% of the company’s stock.

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.