Adage Capital Partners GP L.L.C. Grows Stake in Corning Incorporated (NYSE:GLW)

25 Apr 2025, 11:36 by Mitch Edgeman · The Markets Daily

Adage Capital Partners GP L.L.C. grew its stake in Corning Incorporated (NYSE:GLW – Free Report) by 10.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 719,921 shares of the electronics maker’s stock after purchasing an additional 69,000 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Corning were worth $34,211,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sound Income Strategies LLC boosted its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC bought a new stake in shares of Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc purchased a new position in Corning during the 4th quarter valued at $29,000. Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton increased its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GLW shares. Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Citigroup dropped their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Finally, HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.31.

View Our Latest Stock Report on Corning

Corning Price Performance

Shares of GLW stock opened at $43.90 on Friday. The stock’s 50-day moving average is $45.62 and its 200 day moving average is $47.58. Corning Incorporated has a 1-year low of $31.20 and a 1-year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market cap of $37.61 billion, a P/E ratio of 75.69, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date was Friday, February 28th. Corning’s payout ratio is presently 193.10%.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

About Corning

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