Catalyst Capital Advisors LLC Cuts Position in Corning Incorporated $GLW

Catalyst Capital Advisors LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 4.5% during the 2nd quarter, Holdings Channel reports. The firm owned 54,875 shares of the electronics maker’s stock after selling 2,575 shares during the period. Catalyst Capital Advisors LLC’s holdings in Corning were worth $2,886,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Forte Capital LLC ADV boosted its holdings in shares of Corning by 2.4% in the 2nd quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker’s stock worth $419,000 after buying an additional 190 shares during the last quarter. Smith Salley Wealth Management boosted its stake in 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 during the last quarter. Leigh Baldwin & CO. LLC boosted its stake in 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 during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in 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 during the last quarter. Finally, Old North State Wealth Management LLC lifted its stake in Corning by 0.5% in the second quarter. Old North State Wealth Management LLC now owns 40,325 shares of the electronics maker’s stock valued at $2,121,000 after purchasing an additional 218 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on GLW shares. Susquehanna reiterated a “positive” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Barclays upped their price target on Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Citigroup upped their price objective on shares of Corning from $72.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Weiss Ratings restated a “hold (c+)” rating on shares of Corning in a research note on Wednesday, October 8th. Finally, Mizuho upped their price target on shares of Corning from $74.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, October 3rd. One 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.00.

Insider Activity

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction 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 trade represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 181,671 shares of company stock worth $11,816,899. Corporate insiders own 0.40% of the company’s stock.

Corning Trading Up 2.0%

Shares of GLW stock opened at $85.84 on Friday. 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 Incorporated has a 52-week low of $37.31 and a 52-week high of $87.78. The company has a market capitalization of $73.54 billion, a PE ratio of 91.32, a price-to-earnings-growth ratio of 1.88 and a beta of 1.14. The business’s fifty day moving average is $76.91 and its 200 day moving average is $59.74.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The firm had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.84 billion. During the same quarter last year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders 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 annualized dividend and a dividend yield of 1.3%. Corning’s dividend payout ratio (DPR) is 119.15%.

Corning 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.