Corning Incorporated $GLW Stake Lessened by Sitrin Capital Management LLC

Sitrin Capital Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 6.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,278 shares of the electronics maker’s stock after selling 439 shares during the period. Sitrin Capital Management LLC’s holdings in Corning were worth $330,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Amundi boosted its holdings in Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock worth $271,237,000 after buying an additional 2,507,797 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock worth $290,610,000 after buying an additional 80,872 shares in the last quarter. Invesco Ltd. boosted its holdings in Corning by 4.8% during the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker’s stock worth $290,111,000 after buying an additional 288,328 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Corning by 10.6% during the first 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 in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker’s stock worth $175,603,000 after buying an additional 1,037,875 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other news, SVP Michael Paul O’day sold 14,879 shares of the firm’s stock in a transaction on Wednesday, July 30th. The shares were 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 in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jaymin Amin sold 17,721 shares of the firm’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the completion of the transaction, the senior vice president owned 88,722 shares in the company, valued at $6,847,563.96. The trade was a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock worth $11,816,899 in the last ninety days. Company insiders own 0.40% of the company’s stock.

Corning Stock Up 2.3%

Corning stock opened at $87.04 on Thursday. The company has a market capitalization of $74.56 billion, a P/E ratio of 92.60, a P/E/G ratio of 1.90 and a beta of 1.14. The firm’s fifty day simple moving average is $72.29 and its 200-day simple moving average is $56.68. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $87.07.

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, beating analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter last year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on GLW. Citigroup raised their target price on shares of Corning from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Barclays upped their price target on shares of Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Wolfe Research initiated coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an “outperform” rating for the company. Finally, Argus restated a “buy” rating and issued a $68.00 price target on shares of Corning in a research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.42.

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.