Cardinal Point Capital Management ULC Boosts Position in Corning Incorporated $GLW

Cardinal Point Capital Management ULC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 1.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,982 shares of the electronics maker’s stock after buying an additional 500 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Corning were worth $1,629,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after acquiring an additional 2,114 shares during the last quarter. GAMMA Investing LLC lifted its position in Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock worth $520,000 after buying an additional 2,567 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in Corning by 6.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 347,937 shares of the electronics maker’s stock worth $15,929,000 after buying an additional 20,350 shares during the last quarter. Lecap Asset Management Ltd. bought a new stake in Corning in the 1st quarter worth approximately $461,000. Finally, Spire Wealth Management lifted its position in Corning by 8.7% in the 1st quarter. Spire Wealth Management now owns 14,456 shares of the electronics maker’s stock worth $662,000 after buying an additional 1,154 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $85.84 on Friday. The stock has a market capitalization of $73.54 billion, a price-to-earnings ratio of 91.32, a PEG ratio of 1.88 and a beta of 1.14. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $87.78. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average of $76.91 and a 200 day moving average of $59.74.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter in the prior year, the firm posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS 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 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, November 14th. Corning’s payout ratio is 119.15%.

Analyst Ratings Changes

Several research analysts recently commented on GLW shares. UBS Group lifted their target price on shares of Corning from $84.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. increased their target price on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Morgan Stanley raised their price objective on Corning from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday, October 10th. Susquehanna restated a “positive” rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Barclays lifted their price target on Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Insider Activity at Corning

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jaymin Amin sold 17,721 shares of the business’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total value of $1,367,706.78. Following the sale, the senior vice president owned 88,722 shares of the company’s stock, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock worth $11,816,899 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

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.