Corning (NYSE:GLW) EVP Sells $2,060,795.10 in Stock

Corning Incorporated (NYSE:GLW) EVP Lewis Steverson sold 23,142 shares of the company’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $89.05, for a total value of $2,060,795.10. Following the transaction, the executive vice president directly owned 17,575 shares in the company, valued at $1,565,053.75. This trade represents a 56.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Corning Trading Up 2.2%

Shares of GLW opened at $87.10 on Thursday. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $92.57. The firm has a market capitalization of $74.61 billion, a PE ratio of 55.13, a price-to-earnings-growth ratio of 1.99 and a beta of 1.14. The stock’s fifty day simple moving average is $80.93 and its 200-day simple moving average is $62.93.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, November 14th. Corning’s dividend payout ratio is 70.89%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. REAP Financial Group LLC boosted its position in Corning by 191.5% during the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 339 shares during the last quarter. Strengthening Families & Communities LLC acquired a new position in Corning during the third quarter valued at approximately $27,000. Total Investment Management Inc. acquired a new position in Corning during the second quarter valued at approximately $28,000. Cornerstone Planning Group LLC boosted its position in Corning by 58.5% during the third quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker’s stock valued at $30,000 after purchasing an additional 124 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its position in Corning by 111.1% during the third quarter. Financial Management Professionals Inc. now owns 380 shares of the electronics maker’s stock valued at $31,000 after purchasing an additional 200 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GLW. Wall Street Zen lowered Corning from a “strong-buy” rating to a “hold” rating in a research note on Saturday, September 13th. Morgan Stanley set a $82.00 price objective on Corning in a report on Wednesday, October 29th. UBS Group upped their price objective on Corning from $91.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Mizuho set a $97.00 price objective on Corning in a report on Wednesday, October 29th. Finally, Citigroup upped their price objective on Corning from $93.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $90.82.

Corning Company 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.