Peoples Bank OH Cuts Stock Position in Corning Incorporated $GLW

Peoples Bank OH decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 4.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,050 shares of the electronics maker’s stock after selling 250 shares during the quarter. Peoples Bank OH’s holdings in Corning were worth $318,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Davis Investment Partners LLC purchased a new stake in Corning during the 2nd quarter worth about $251,000. Central Pacific Bank Trust Division boosted its position in shares of Corning by 23.6% during the 2nd quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker’s stock worth $3,838,000 after acquiring an additional 13,920 shares in the last quarter. Strs Ohio acquired a new position in shares of Corning during the 1st quarter worth about $27,219,000. Acadian Asset Management LLC boosted its position in shares of Corning by 4,346.5% during the 1st quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker’s stock worth $7,048,000 after acquiring an additional 150,521 shares in the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of Corning by 507.6% during the 1st quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker’s stock worth $9,665,000 after acquiring an additional 176,379 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.3%

Shares of NYSE GLW opened at $83.60 on Friday. The stock has a market cap of $71.62 billion, a PE ratio of 88.94, a price-to-earnings-growth ratio of 1.84 and a beta of 1.14. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $84.35. The business has a 50-day moving average price of $70.74 and a 200 day moving average price of $55.91.

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, beating analysts’ consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same period in the prior year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Citigroup upped their price objective on Corning from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Argus reaffirmed a “buy” rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen cut Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $71.42.

Insider Transactions at Corning

In related news, CEO Wendell P. Weeks sold 82,103 shares of the company’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the sale, the chief executive officer directly owned 809,295 shares of the company’s stock, valued at $52,757,941.05. This represents a 9.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Paul O’day sold 14,879 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares of the company’s stock, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,671 shares of company stock worth $11,816,899. Insiders own 0.40% of the company’s stock.

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.