9,188 Corning Incorporated $GLW Shares Sold by Keybank National Association OH

Keybank National Association OH lowered its stake in Corning Incorporated (NYSE:GLW) by 1.9% in the third quarter, Holdings Channel reports. The fund owned 476,210 shares of the electronics maker’s stock after selling 9,188 shares during the quarter. Keybank National Association OH’s holdings in Corning were worth $73,222,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of Corning by 13.4% during the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the last quarter. Bank of America Corp DE increased its position in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after purchasing an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP lifted its stake in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after purchasing an additional 4,446,514 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Corning in the 2nd quarter valued at approximately $1,510,911,000. Finally, Legal & General Group Plc bought a new position in Corning in the 2nd quarter valued at approximately $1,212,283,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 5th. Barclays upped their price target on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 28th. Sanford C. Bernstein dropped their price target on Corning from $140.00 to $120.00 and set a “market perform” rating for the company in a research note on Monday. Morgan Stanley dropped their price target on Corning from $165.00 to $155.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 28th. Finally, China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 price objective on the stock in a report on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.56.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

More Corning News

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning’s shares gained 32.5% over the past year, outperforming both its industry and the S&P 500, with AI infrastructure demand, optical communications growth, and solar expansion cited as drivers. GLW Stock Rises 32.5% in a Year: Is There Still Room to Grow?
• Positive Sentiment: Forty ETFs bought Corning shares on Nov. 5, while 16 sold, resulting in a reported net $47.6 million inflow. ETFs Bought $47.6 Million of Corning
• Neutral Sentiment: A technical analysis article describes GLW as oversold, suggesting the possibility of a bounce, but says the stock’s broader trend remains weak. Corning Stock Price Prediction
• Negative Sentiment: Coverage says the AI “picks-and-shovels” trade is retreating, a shift that can weigh on Corning given investor interest in its AI-related infrastructure exposure. The AI Picks-and-Shovels Trade Caves In
• Negative Sentiment: Sanford C. Bernstein cut its GLW price target to $120 from $140 and maintained a “market perform” rating, signaling more cautious expectations. Corning Price Targets

Corning Stock Performance

Corning stock opened at $112.21 on Wednesday. The business has a 50 day moving average of $143.08 and a 200-day moving average of $155.76. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market capitalization of $96.66 billion, a P/E ratio of 45.43, a P/E/G ratio of 1.43 and a beta of 1.23.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. During the same quarter last year, the business earned $0.67 EPS. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio is 45.34%.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.