Citizens Business Bank Sells 300 Shares of Corning Incorporated $GLW

Citizens Business Bank lessened its position in shares of Corning Incorporated (NYSE:GLW) by 2.5% in the second quarter, Holdings Channel.com reports. The firm owned 11,791 shares of the electronics maker’s stock after selling 300 shares during the period. Citizens Business Bank’s holdings in Corning were worth $620,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Davis Investment Partners LLC bought a new position in Corning during the 2nd quarter worth about $251,000. Central Pacific Bank Trust Division increased its holdings in 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 purchasing an additional 13,920 shares in the last quarter. Strs Ohio bought a new position in Corning during the 1st quarter worth about $27,219,000. Acadian Asset Management LLC increased its holdings in 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 purchasing an additional 150,521 shares in the last quarter. Finally, Intech Investment Management LLC increased its holdings in 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 purchasing an additional 176,379 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Wendell P. Weeks sold 82,103 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Paul O’day sold 14,879 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock worth $11,816,899 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on GLW. Wall Street Zen cut shares of Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. Barclays boosted their price target on shares of Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 30th. Citigroup boosted their price target on shares of Corning from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Susquehanna reissued a “positive” rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, Argus reissued a “buy” rating and set a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Corning Stock Down 2.6%

Shares of GLW stock opened at $84.49 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. The firm’s 50-day moving average is $75.33 and its 200-day moving average is $58.54. The stock has a market cap of $72.38 billion, a price-to-earnings ratio of 89.88, a PEG ratio of 1.93 and a beta of 1.14. Corning Incorporated has a 52-week low of $37.31 and a 52-week 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, beating analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. 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. Sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared 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 is 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.