4,289 Corning Incorporated $GLW Shares Sold by Corrado Advisors LLC

Corrado Advisors LLC lessened its position in Corning Incorporated (NYSE:GLW) by 30.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,932 shares of the electronics maker’s stock after selling 4,289 shares during the quarter. Corrado Advisors LLC’s holdings in Corning were worth $1,527,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Victory Financial Group LLC raised its position in Corning by 10.0% in the 3rd quarter. Victory Financial Group LLC now owns 5,893 shares of the electronics maker’s stock worth $906,000 after purchasing an additional 536 shares during the period. Great Lakes Retirement Inc. boosted its position in shares of Corning by 5.0% during the third quarter. Great Lakes Retirement Inc. now owns 30,040 shares of the electronics maker’s stock valued at $4,619,000 after buying an additional 1,441 shares during the period. Lynch Investment Planning LLC purchased a new position in shares of Corning during the third quarter valued at approximately $65,000. Balance Wealth Partners LLC bought a new position in shares of Corning during the third quarter valued at approximately $50,000. Finally, Autumn Glory Partners LLC grew its stake in shares of Corning by 158.2% during the third quarter. Autumn Glory Partners LLC now owns 7,294 shares of the electronics maker’s stock valued at $1,122,000 after buying an additional 4,469 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 4.1%

Shares of Corning stock opened at $131.46 on Thursday. Corning Incorporated has a 52-week low of $77.39 and a 52-week high of $271.78. The firm’s 50 day moving average price is $148.92 and its 200-day moving average price is $154.57. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The company has a market cap of $113.24 billion, a P/E ratio of 60.03, a PEG ratio of 1.56 and a beta of 1.13.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period last year, the business earned $0.67 EPS. On average, sell-side analysts predict that Corning Incorporated will post 3.30 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning’s payout ratio is presently 51.14%.

More Corning News

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Strong Q3 earnings and outlook: Core sales rose 19% year over year to $5.08 billion, while adjusted EPS of $0.91 exceeded analyst expectations. Corning also guided to higher fourth-quarter earnings and revenue of approximately $5.25 billion at the midpoint. Corning Delivers Outstanding Third-Quarter Results
• Positive Sentiment: AI is driving optical growth: Optical Communications revenue surged 44% to roughly $2.38 billion, while Enterprise Networks sales increased 84%. Management said generative-AI product sales are growing faster than GPU shipments, supporting stronger margins and demand. GLW Q3 Earnings Beat Estimates
• Positive Sentiment: Large long-term opportunity: Corning expects AI data centers to increasingly replace copper with optical connections beginning around 2028. That transition could increase fiber requirements per GPU by as much as tenfold and support the company’s goal of reaching a $40 billion annualized sales run rate by 2030. Customer deposits and multiyear agreements are helping fund capacity expansion. The Invisible AI Backbone: Corning’s AI Fiber Play
• Positive Sentiment: Analyst support remains favorable: Truist reaffirmed its “buy” rating and set a $175 price target, indicating substantial potential upside from recent levels, although the target was reduced from $182. Corning Price Target Lowered at Truist
• Neutral Sentiment: Mixed analyst revisions: Morgan Stanley lowered its price target from $165 to $155 and maintained an “equal weight” rating, reflecting caution despite recognizing the company’s growth prospects.
• Negative Sentiment: Valuation and expectations remain risks: Corning trades at a high earnings multiple after a sharp retreat from its highs. Investors may continue to take profits or demand evidence that AI-driven growth can justify the valuation, particularly as the company invests heavily in expansion.

Insider Buying and Selling at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction on 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 $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GLW shares. China Renaissance upgraded Corning from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a report on Tuesday, September 8th. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. JPMorgan Chase & Co. dropped their price objective on Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a report on Wednesday, October 21st. Morgan Stanley cut their price objective on Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Bank of America cut their price objective on Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.81.

About Corning

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.