Leavell Investment Management Inc. Buys 1,091 Shares of Corning Incorporated $GLW

Leavell Investment Management Inc. raised its stake in Corning Incorporated (NYSE:GLW) by 8.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 13,971 shares of the electronics maker’s stock after buying an additional 1,091 shares during the period. Leavell Investment Management Inc.’s holdings in Corning were worth $735,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GLW. Davis Investment Partners LLC acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $251,000. Central Pacific Bank Trust Division increased its stake in Corning by 23.6% in the second quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker’s stock valued at $3,838,000 after purchasing an additional 13,920 shares in the last quarter. Strs Ohio acquired a new stake in Corning in the first quarter worth $27,219,000. Acadian Asset Management LLC boosted its position in shares of Corning by 4,346.5% during the first 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, Nordea Investment Management AB boosted its position in shares of Corning by 8.0% during the second quarter. Nordea Investment Management AB now owns 70,651 shares of the electronics maker’s stock worth $3,731,000 after purchasing an additional 5,227 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at $4,036,813.88. This represents a 35.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 82,103 shares of Corning 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 completion of the sale, the chief executive officer directly owned 809,295 shares in the company, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 181,671 shares of company stock worth $11,816,899. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on GLW shares. 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 increased their price target on Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Susquehanna reiterated a “positive” rating and issued a $75.00 price objective (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, Wolfe Research started coverage on Corning in a research note on Tuesday, July 8th. They set an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Corning Stock Up 1.9%

NYSE:GLW opened at $87.46 on Monday. The stock has a 50-day simple moving average of $77.36 and a 200 day simple moving average of $60.33. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $87.78. The company has a market cap of $74.92 billion, a PE ratio of 93.04, a PEG ratio of 1.95 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, November 14th. 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.