Grandfield & Dodd LLC Reduces Position in Corning Incorporated $GLW

Grandfield & Dodd LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 28.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 119,765 shares of the electronics maker’s stock after selling 48,379 shares during the period. Grandfield & Dodd LLC’s holdings in Corning were worth $6,298,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in Corning by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker’s stock valued at $1,018,629,000 after acquiring an additional 112,739 shares during the last quarter. Amundi boosted its stake in shares of Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock valued at $271,237,000 after purchasing an additional 2,507,797 shares during the period. Invesco Ltd. grew its holdings in shares of Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker’s stock worth $290,111,000 after purchasing an additional 288,328 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Corning by 10.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,844,174 shares of the electronics maker’s stock worth $267,546,000 after buying an additional 558,184 shares during the period. Finally, Deutsche Bank AG lifted its holdings in Corning by 37.1% during the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker’s stock valued at $175,603,000 after buying an additional 1,037,875 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of Corning stock opened at $82.29 on Friday. The company has a market capitalization of $70.55 billion, a PE ratio of 52.08, a P/E/G ratio of 1.99 and a beta of 1.15. The company has a 50-day simple moving average of $83.15 and a two-hundred day simple moving average of $64.63. Corning Incorporated has a one year low of $37.31 and a one year high of $92.57. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 1.56.

Corning (NYSE:GLW) last issued 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. Corning had a net margin of 9.16% and a return on equity of 18.12%. The firm had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm earned $0.54 EPS. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a yield of 1.4%. Corning’s payout ratio is currently 70.89%.

Insider Buying and Selling

In other news, SVP Jaymin Amin sold 17,721 shares of the company’s stock in a transaction dated 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 in the company, valued at $6,847,563.96. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Edward A. Schlesinger sold 20,893 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $91.25, for a total value of $1,906,486.25. Following the sale, the chief financial officer directly owned 66,959 shares in the company, valued at approximately $6,110,008.75. This trade represents a 23.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 173,856 shares of company stock valued at $15,456,476 in the last 90 days. 0.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research reports. Wall Street Zen lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 13th. UBS Group raised their price objective on Corning from $91.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Oppenheimer set a $100.00 target price on Corning and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Citigroup increased their price target on Corning from $93.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Mizuho set a $97.00 price objective on Corning in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $90.82.

Corning Company Profile

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.