Freedom Investment Management Inc. Decreases Stock Holdings in Corning Incorporated $GLW

Freedom Investment Management Inc. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 6.8% during the 2nd quarter, Holdings Channel reports. The fund owned 12,998 shares of the electronics maker’s stock after selling 947 shares during the period. Freedom Investment Management Inc.’s holdings in Corning were worth $684,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. REAP Financial Group LLC raised its holdings in Corning by 191.5% during the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock valued at $27,000 after buying an additional 339 shares during the period. Investment Management Corp VA ADV raised its holdings in Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after buying an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its holdings in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock valued at $34,000 after buying an additional 353 shares during the period. Banque Transatlantique SA purchased a new stake in Corning during the 1st quarter valued at $34,000. Finally, Resources Management Corp CT ADV raised its holdings in Corning by 66.7% during the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker’s stock valued at $34,000 after buying an additional 300 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of Corning stock opened at $87.46 on Friday. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $87.78. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock’s fifty day moving average is $77.36 and its two-hundred day moving average is $60.07. The company has a market capitalization of $74.92 billion, a PE ratio of 93.04, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the prior year, the company earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.3%. Corning’s dividend payout ratio is presently 119.15%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Argus restated a “buy” rating and set a $68.00 price target on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley increased their price target on Corning from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, October 10th. JPMorgan Chase & Co. increased their price target on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen downgraded Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Insider Buying and Selling at Corning

In other news, SVP Michael Paul O’day sold 14,879 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares of the company’s stock, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at $52,757,941.05. The trade was a 9.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 181,671 shares of company stock worth $11,816,899. 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.