Bank of New York Mellon Corp Sells 238,512 Shares of Corning Incorporated $GLW

Bank of New York Mellon Corp cut its holdings in Corning Incorporated (NYSE:GLW) by 3.8% during the second quarter, Holdings Channel reports. The firm owned 6,109,465 shares of the electronics maker’s stock after selling 238,512 shares during the quarter. Bank of New York Mellon Corp’s holdings in Corning were worth $321,297,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Amundi lifted its holdings in shares of Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock worth $271,237,000 after buying an additional 2,507,797 shares in the last quarter. Nuveen LLC purchased a new stake in Corning in the 1st quarter worth $104,789,000. Kingstone Capital Partners Texas LLC bought a new position in shares of Corning during the 2nd quarter valued at about $92,560,000. Robeco Institutional Asset Management B.V. grew its position in shares of Corning by 185.7% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,801,411 shares of the electronics maker’s stock valued at $94,736,000 after purchasing an additional 1,170,992 shares in the last quarter. Finally, Deutsche Bank AG grew its position in shares of Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker’s stock valued at $175,603,000 after purchasing an additional 1,037,875 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Morgan Stanley set a $82.00 target price on Corning in a research report on Wednesday, October 29th. Wolfe Research began coverage on Corning in a research report on Tuesday, July 8th. They set an “outperform” rating for the company. Oppenheimer set a $100.00 target price on shares of Corning and gave the company an “outperform” rating in a report on Wednesday, October 29th. Argus upped their price target on shares of Corning from $68.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, Barclays increased their price objective on shares of Corning from $65.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $90.82.

Insiders Place Their Bets

In other news, SVP Jaymin Amin sold 17,721 shares of the business’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 23,142 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the completion of the transaction, the executive vice president owned 17,575 shares in the company, valued at approximately $1,565,053.75. The trade was a 56.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 255,959 shares of company stock valued at $20,808,771. Insiders own 0.40% of the company’s stock.

Corning Price Performance

GLW stock opened at $85.17 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $92.57. The stock has a market cap of $72.96 billion, a PE ratio of 53.91, a P/E/G ratio of 1.99 and a beta of 1.14. The company has a 50-day moving average price of $80.54 and a 200 day moving average price of $62.76.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. The business had revenue of $4.27 billion during the quarter, compared to analyst estimates of $4.24 billion. Corning had a return on equity of 18.12% and a net margin of 9.16%.The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 earnings per share. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced 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. 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 presently 70.89%.

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.