M Holdings Securities Inc. bought a new stake in shares of Corning Incorporated (NYSE:GLW – Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,940 shares of the electronics maker’s stock, valued at approximately $760,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Candriam S.C.A. boosted its position in Corning by 1.2% during the third quarter. Candriam S.C.A. now owns 62,522 shares of the electronics maker’s stock valued at $9,649,000 after purchasing an additional 741 shares during the last quarter. Kimelman & Baird LLC increased its position in Corning by 3,036.1% in the 3rd quarter. Kimelman & Baird LLC now owns 2,603 shares of the electronics maker’s stock worth $400,000 after purchasing an additional 2,520 shares during the last quarter. StoneX Group Inc. increased its position in Corning by 11.4% in the 3rd quarter. StoneX Group Inc. now owns 55,989 shares of the electronics maker’s stock worth $8,594,000 after purchasing an additional 5,747 shares during the last quarter. Axiom Investment Management LLC increased its position in Corning by 1.3% in the 3rd quarter. Axiom Investment Management LLC now owns 13,753 shares of the electronics maker’s stock worth $2,115,000 after purchasing an additional 181 shares during the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of Corning by 0.7% during the 3rd quarter. Parallel Advisors LLC now owns 22,709 shares of the electronics maker’s stock worth $3,492,000 after purchasing an additional 159 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.
Corning News Roundup
Here are the key news stories impacting Corning this week:
- Positive Sentiment: Corning’s shares gained 32.5% over the past year, outperforming both its industry and the S&P 500, with AI infrastructure demand, optical communications growth, and solar expansion cited as drivers. GLW Stock Rises 32.5% in a Year: Is There Still Room to Grow?
- Positive Sentiment: Forty ETFs bought Corning shares on Nov. 5, while 16 sold, resulting in a reported net $47.6 million inflow. ETFs Bought $47.6 Million of Corning
- Neutral Sentiment: A technical analysis article describes GLW as oversold, suggesting the possibility of a bounce, but says the stock’s broader trend remains weak. Corning Stock Price Prediction
- Negative Sentiment: Coverage says the AI “picks-and-shovels” trade is retreating, a shift that can weigh on Corning given investor interest in its AI-related infrastructure exposure. The AI Picks-and-Shovels Trade Caves In
- Negative Sentiment: Sanford C. Bernstein cut its GLW price target to $120 from $140 and maintained a “market perform” rating, signaling more cautious expectations. Corning Price Targets
Analyst Ratings Changes
Several equities research analysts have recently issued reports on GLW shares. Mizuho reduced their price target on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 5th. The Goldman Sachs Group reaffirmed an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. UBS Group cut their price objective on shares of Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. Finally, Sanford C. Bernstein reduced their target price on shares of Corning from $140.00 to $120.00 and set a “market perform” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $174.56.
Get Our Latest Stock Report on Corning
Corning Stock Performance
Shares of GLW opened at $112.21 on Wednesday. The company has a market capitalization of $96.66 billion, a PE ratio of 45.43, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. Corning Incorporated has a one year low of $77.39 and a one year high of $271.78. The company’s fifty day moving average price is $143.08 and its 200 day moving average price is $155.76.
Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same period in the previous year, the business posted $0.67 EPS. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 3.38 earnings per share for the current year.
Corning Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. 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 1.0%. Corning’s payout ratio is 45.34%.
Insider Buying and Selling
In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.
Corning Profile
Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.
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