Eastern Bank Purchases 1,975 Shares of Corning Incorporated $GLW

Eastern Bank increased its position in Corning Incorporated (NYSE:GLW) by 81.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,412 shares of the electronics maker’s stock after purchasing an additional 1,975 shares during the quarter. Eastern Bank’s holdings in Corning were worth $232,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. REAP Financial Group LLC boosted its position in Corning by 191.5% during the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 339 shares in the last quarter. Investment Management Corp VA ADV boosted its position in Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its position in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock valued at $34,000 after acquiring an additional 353 shares in the last quarter. Banque Transatlantique SA bought a new stake in Corning during the 1st quarter valued at $34,000. Finally, Resources Management Corp CT ADV boosted its position in Corning by 66.7% during the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker’s stock valued at $34,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GLW. UBS Group increased their target price on Corning from $84.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Mizuho increased their target price on Corning from $74.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, October 3rd. Argus reaffirmed a “buy” rating and set a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. Barclays raised 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, JPMorgan Chase & Co. raised 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. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Insider Buying and Selling

In related news, EVP Lewis A. Steverson sold 16,646 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Avery H. Nelson III sold 36,240 shares of Corning 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 owned 64,838 shares of the company’s stock, valued at $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,671 shares of company stock worth $11,816,899 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $83.00 on Monday. The firm has a market capitalization of $71.10 billion, a price-to-earnings ratio of 88.30, a price-to-earnings-growth ratio of 1.85 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The business has a fifty day moving average of $73.19 and a 200 day moving average of $57.32. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $87.78.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter last year, the business posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a 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.