Rafferty Asset Management LLC Trims Stake in Corning Incorporated $GLW

Rafferty Asset Management LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 21.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 206,930 shares of the electronics maker’s stock after selling 55,378 shares during the period. Rafferty Asset Management LLC’s holdings in Corning were worth $9,473,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning in the 4th quarter valued at about $29,000. Putney Financial Group LLC purchased a new stake in Corning in the fourth quarter valued at approximately $30,000. Investment Management Corp VA ADV lifted its position in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock worth $34,000 after buying an additional 353 shares in the last quarter. Finally, Gen Wealth Partners Inc grew its stake in Corning by 151.7% in the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker’s stock worth $35,000 after buying an additional 455 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other Corning news, CEO Wendell P. Weeks sold 82,103 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Paul O’day sold 14,879 shares of the company’s stock in a transaction dated 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 directly owned 35,743 shares of the company’s stock, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,950 shares of company stock worth $10,449,192 over the last ninety days. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on GLW. Argus restated a “buy” rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 price target on Corning and gave the stock an “equal weight” rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded Corning from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 2nd. Susquehanna reissued a “positive” rating and set a $75.00 price objective (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, UBS Group boosted their target price on Corning from $57.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $65.17.

Corning Stock Down 0.2%

GLW opened at $67.24 on Thursday. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $67.77. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The business’s 50-day moving average price is $58.15 and its 200-day moving average price is $50.89. The company has a market cap of $57.60 billion, a P/E ratio of 71.53, a P/E/G ratio of 1.51 and a beta of 1.08.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is presently 119.15%.

Corning 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.