Lewis Steverson Sells 23,142 Shares of Corning (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW) EVP Lewis Steverson sold 23,142 shares of the 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 sale, the executive vice president owned 17,575 shares in the company, valued at $1,565,053.75. The trade was a 56.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Corning Trading Down 2.7%

Shares of Corning stock opened at $85.17 on Wednesday. The company has a market capitalization of $72.96 billion, a price-to-earnings ratio of 53.91, a PEG ratio of 1.99 and a beta of 1.14. The company has a quick ratio of 0.93, a current ratio of 1.56 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 firm’s 50-day moving average price is $80.54 and its two-hundred day moving average price is $62.76.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The firm had revenue of $4.27 billion for the quarter, compared to the consensus estimate of $4.24 billion. Corning had a net margin of 9.16% and a return on equity of 18.12%. The business’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. On average, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, November 14th. Corning’s dividend payout ratio is presently 70.89%.

Analysts Set New Price Targets

Several brokerages have commented on GLW. Citigroup boosted their target price on Corning from $93.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Susquehanna boosted their target price on Corning from $75.00 to $100.00 and gave the stock a “positive” rating in a research note on Wednesday, October 29th. Mizuho set a $97.00 target price on Corning in a research note on Wednesday, October 29th. Barclays boosted their target price on Corning from $65.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 29th. Finally, UBS Group boosted their target price on Corning from $91.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $90.82.

Institutional Investors Weigh In On Corning

Several hedge funds have recently added to or reduced their stakes in GLW. Brighton Jones LLC boosted its position in Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after buying an additional 2,114 shares during the period. DAVENPORT & Co LLC boosted its position in Corning by 30.6% during the 1st quarter. DAVENPORT & Co LLC now owns 20,139 shares of the electronics maker’s stock worth $922,000 after buying an additional 4,723 shares during the period. Private Trust Co. NA boosted its position in Corning by 3.3% during the 1st quarter. Private Trust Co. NA now owns 10,562 shares of the electronics maker’s stock worth $484,000 after buying an additional 335 shares during the period. Teacher Retirement System of Texas boosted its position in Corning by 354.9% during the 1st quarter. Teacher Retirement System of Texas now owns 218,117 shares of the electronics maker’s stock worth $9,985,000 after buying an additional 170,168 shares during the period. Finally, Mutual Advisors LLC acquired a new stake in Corning during the 1st quarter worth approximately $227,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.