Soltis Investment Advisors LLC lifted its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 352.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,912 shares of the electronics maker’s stock after acquiring an additional 31,097 shares during the period. Soltis Investment Advisors LLC’s holdings in Corning were worth $6,137,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the company. Atwood & Palmer Inc. bought a new position in Corning in the 2nd quarter valued at approximately $26,000. Rogco LP bought a new stake in shares of Corning in the 2nd quarter worth $27,000. Western Pacific Wealth Management LP bought a new stake in shares of Corning in the 3rd quarter worth $25,000. Kings Path Partners LLC bought a new stake in shares of Corning in the 3rd quarter worth $25,000. Finally, Toth Financial Advisory Corp raised its stake in shares of Corning by 130.7% in the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 98 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.
Corning Price Performance
Shares of GLW opened at $128.87 on Friday. The firm has a market cap of $111.01 billion, a PE ratio of 52.17, a P/E/G ratio of 1.62 and a beta of 1.13. The company has a current ratio of 1.72, a quick ratio of 1.24 and a debt-to-equity ratio of 0.51. The firm has a fifty day simple moving average of $148.45 and a two-hundred day simple moving average of $154.79. Corning Incorporated has a 1-year low of $77.39 and a 1-year high of $271.78.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 EPS. On average, equities analysts anticipate that Corning Incorporated will post 3.36 EPS for the current year.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. Corning’s dividend payout ratio is currently 45.34%.
Insider Transactions at Corning
In other Corning news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Truist Financial reiterated a “buy” rating and issued a $175.00 price objective (down from $182.00) on shares of Corning in a report on Wednesday. Mizuho decreased their target price on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, September 15th. Barclays upped their target price on shares of Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $175.81.
View Our Latest Stock Analysis on Corning
Corning News Roundup
Here are the key news stories impacting Corning this week:
- Positive Sentiment: AI-driven growth is accelerating. Third-quarter sales increased 19%, while Optical Communications revenue reportedly rose 44%. Core earnings climbed 36%, supported by strong demand for fiber and optical components used in AI data centers. Corning Q3 Sales Jump 19% as AI Optical Demand and Margins Accelerate
- Positive Sentiment: Profitability and guidance improved. Gross margin expanded to approximately 40.5% and operating margin reached 22.7%. The earnings beat and upbeat fourth-quarter outlook reinforce expectations for continued earnings growth. Buy Corning on Solid Q3 Earnings, Guidance and AI Photonics Space Rally
- Positive Sentiment: Long-term demand catalysts remain intact. Major customer agreements and customer-funded capacity expansion could support Corning’s production growth. A shift from copper to optical connectivity may substantially increase fiber demand per AI processor. The Invisible AI Backbone: Corning’s AI Fiber Play
- Positive Sentiment: Some analysts see value after the pullback. Truist reaffirmed its “buy” rating with a $175 price target, implying substantial upside from the referenced price level. Truist Corning rating
- Neutral Sentiment: Analyst opinion is mixed. Morgan Stanley maintained an “equal weight” rating while cutting its price target to $155 from $165, indicating that further valuation gains depend on sustained margin expansion. Morgan Stanley Corning rating
- Negative Sentiment: Valuation and sentiment remain headwinds. Corning’s recent decline reflects profit-taking and high expectations following its AI-related rally. With a high earnings multiple, investors may demand additional evidence that revenue growth will translate into durable profits. Corning Falls 14.1% in the Past Month
- Negative Sentiment: Trading flows have been unfavorable. Exchange-traded funds were net sellers of GLW, adding near-term supply pressure and contributing to the stock’s weakness despite the positive earnings narrative. ETFs Are Net Sellers of Corning
Corning Profile
Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.
The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.
Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.
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