Resona Asset Management Co. Ltd. Buys 10,508 Shares of Corning Incorporated $GLW

by · The Markets Daily

Resona Asset Management Co. Ltd. increased its stake in Corning Incorporated (NYSE:GLW – Free Report) by 4.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 264,803 shares of the electronics maker’s stock after purchasing an additional 10,508 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Corning were worth $13,895,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GLW. Atlantic Union Bankshares Corp grew its holdings in Corning by 502.1% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 30,787 shares of the electronics maker’s stock valued at $1,619,000 after buying an additional 25,674 shares in the last quarter. Blue Barn Wealth LLC bought a new position in shares of Corning in the second quarter valued at approximately $211,000. NewSquare Capital LLC boosted its position in shares of Corning by 183.5% in the second quarter. NewSquare Capital LLC now owns 1,219 shares of the electronics maker’s stock valued at $64,000 after acquiring an additional 789 shares during the period. Huntington National Bank grew its stake in Corning by 1.4% during the second quarter. Huntington National Bank now owns 72,796 shares of the electronics maker’s stock valued at $3,828,000 after acquiring an additional 1,027 shares in the last quarter. Finally, Levin Capital Strategies L.P. increased its holdings in Corning by 208.5% during the 2nd quarter. Levin Capital Strategies L.P. now owns 15,533 shares of the electronics maker’s stock worth $817,000 after acquiring an additional 10,498 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on GLW. Oppenheimer set a $100.00 price target on shares of Corning and gave the company an “outperform” rating in a report on Wednesday, October 29th. Mizuho set a $97.00 price objective on Corning in a research note on Wednesday, October 29th. Wall Street Zen cut Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. JPMorgan Chase & Co. raised their price target on Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Finally, Susquehanna lifted their price target on Corning from $75.00 to $100.00 and gave the company a “positive” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $90.82.

View Our Latest Analysis on Corning

Insider Transactions at Corning

In other news, SVP Stefan Becker sold 12,100 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total value of $1,104,488.00. Following the completion of the sale, the senior vice president owned 5,049 shares of the company’s stock, valued at approximately $460,872.72. This represents a 70.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lewis A. Steverson sold 23,142 shares of the stock in a transaction 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. This represents a 56.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 173,856 shares of company stock worth $15,456,476. Corporate insiders own 0.40% of the company’s stock.

Corning Trading Down 2.8%

NYSE GLW opened at $85.40 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. The stock’s 50-day simple moving average is $81.68 and its two-hundred day simple moving average is $63.42. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $92.57. The company has a market capitalization of $73.22 billion, a price-to-earnings ratio of 54.05, a PEG ratio of 1.99 and a beta of 1.15.

Corning (NYSE:GLW – Get Free Report) last posted 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 during the quarter, compared to analysts’ expectations 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 period in the prior year, the business earned $0.54 EPS. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. Research analysts forecast 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 dividend of $0.28 per share. 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 (DPR) is 70.89%.

About Corning

(Free Report)

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.

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