Washington Trust Bank Decreases Stake in Corning Incorporated $GLW

Washington Trust Bank cut its stake in Corning Incorporated (NYSE:GLW) by 9.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,417 shares of the electronics maker’s stock after selling 4,083 shares during the period. Washington Trust Bank’s holdings in Corning were worth $2,073,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of GLW. REAP Financial Group LLC raised its holdings in shares of Corning by 191.5% in the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 339 shares during the last quarter. Investment Management Corp VA ADV increased 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 worth $34,000 after purchasing an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its stake in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 353 shares during the last quarter. Resources Management Corp CT ADV boosted its stake in shares of Corning by 66.7% during the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker’s stock worth $34,000 after purchasing an additional 300 shares during the last quarter. Finally, Gen Wealth Partners Inc boosted its stake in shares of Corning by 151.7% during the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 455 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW stock opened at $87.10 on Thursday. The company’s 50-day simple moving average is $80.93 and its 200-day simple moving average is $62.93. Corning Incorporated has a one year low of $37.31 and a one year high of $92.57. The stock has a market capitalization of $74.68 billion, a price-to-earnings ratio of 55.13, a PEG ratio of 1.99 and a beta of 1.15. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 1.56.

Corning (NYSE:GLW) last posted its quarterly 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. Corning had a return on equity of 18.12% and a net margin of 9.16%.The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company posted $0.54 EPS. The business’s revenue was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. Equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. Corning’s dividend payout ratio is currently 70.89%.

Insider Buying and Selling at Corning

In other Corning news, insider Eric S. Musser sold 100,000 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $90.17, for a total value of $9,017,000.00. Following the completion of the sale, the insider owned 44,926 shares in the company, valued at $4,050,977.42. This represents a 69.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 23,142 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the transaction, the executive vice president directly owned 17,575 shares in the company, valued at approximately $1,565,053.75. The trade was a 56.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 173,856 shares of company stock worth $15,456,476. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GLW. Susquehanna upped their price objective on shares of Corning from $75.00 to $100.00 and gave the company a “positive” rating in a research note on Wednesday, October 29th. Morgan Stanley set a $82.00 price target on Corning in a report on Wednesday, October 29th. Mizuho set a $97.00 target price on Corning in a research note on Wednesday, October 29th. UBS Group increased their price objective on shares of Corning from $91.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Finally, Argus boosted their target price on shares of Corning from $68.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $90.82.

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.