DAVENPORT & Co LLC Grows Stock Position in Corning Incorporated $GLW

DAVENPORT & Co LLC grew its position in Corning Incorporated (NYSE:GLW) by 26.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,411 shares of the electronics maker’s stock after acquiring an additional 5,272 shares during the quarter. DAVENPORT & Co LLC’s holdings in Corning were worth $1,336,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Forte Capital LLC ADV lifted its position in shares of Corning by 2.4% in the second quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker’s stock valued at $419,000 after acquiring an additional 190 shares in the last quarter. Smith Salley Wealth Management lifted its position in Corning by 3.3% during the second quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker’s stock worth $330,000 after buying an additional 200 shares in the last quarter. Leigh Baldwin & CO. LLC lifted its position in Corning by 1.7% during the first quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker’s stock worth $573,000 after buying an additional 210 shares in the last quarter. Old North State Wealth Management LLC lifted its position in Corning by 0.5% during the second quarter. Old North State Wealth Management LLC now owns 40,325 shares of the electronics maker’s stock worth $2,121,000 after buying an additional 218 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in Corning by 2.4% during the first quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker’s stock worth $434,000 after buying an additional 224 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Jaymin Amin sold 17,721 shares of Corning stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the sale, the senior vice president directly owned 88,722 shares of the company’s stock, valued at approximately $6,847,563.96. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning stock in a transaction on Thursday, August 7th. The shares were 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. The trade was a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 181,671 shares of company stock valued at $11,816,899. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on GLW. Wall Street Zen downgraded Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Corning in a research report on Wednesday. Susquehanna reiterated a “positive” rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. raised their target price on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Finally, Morgan Stanley raised their target price on Corning from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday. 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. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Corning Price Performance

GLW stock opened at $83.00 on Friday. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $87.78. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The business has a fifty day moving average of $73.19 and a two-hundred day moving average of $57.18. The stock has a market cap of $71.10 billion, a price-to-earnings ratio of 88.30, a price-to-earnings-growth ratio of 1.95 and a beta of 1.14.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share 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 business had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.84 billion. During the same period in the previous year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders 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 dividend yield of 1.3%. Corning’s payout ratio is presently 119.15%.

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.