PNC Financial Services Group Inc. Sells 9,841 Shares of Corning Incorporated $GLW

PNC Financial Services Group Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 1.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 597,846 shares of the electronics maker’s stock after selling 9,841 shares during the period. PNC Financial Services Group Inc. owned approximately 0.07% of Corning worth $31,441,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its stake in Corning by 3.1% during the second quarter. Parkside Financial Bank & Trust now owns 5,296 shares of the electronics maker’s stock valued at $278,000 after buying an additional 158 shares during the last quarter. Zions Bancorporation National Association UT raised its holdings in shares of Corning by 3.3% during the 2nd quarter. Zions Bancorporation National Association UT now owns 5,746 shares of the electronics maker’s stock worth $302,000 after acquiring an additional 185 shares in the last quarter. Forte Capital LLC ADV boosted its position in shares of Corning by 2.4% during the 2nd quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker’s stock valued at $419,000 after acquiring an additional 190 shares during the last quarter. Westside Investment Management Inc. grew its holdings in shares of Corning by 8.3% in the second quarter. Westside Investment Management Inc. now owns 2,565 shares of the electronics maker’s stock valued at $135,000 after purchasing an additional 197 shares in the last quarter. Finally, Smith Salley Wealth Management increased its position in Corning by 3.3% in the second quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker’s stock worth $330,000 after purchasing an additional 200 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Corning stock opened at $82.29 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 0.93. The firm has a market capitalization of $70.55 billion, a P/E ratio of 52.08, a price-to-earnings-growth ratio of 1.99 and a beta of 1.15. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $92.57. The company’s 50-day moving average is $83.15 and its 200 day moving average is $64.63.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The business had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. Research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, November 14th. Corning’s dividend payout ratio is 70.89%.

Analyst Ratings Changes

Several research firms have commented on GLW. Oppenheimer set a $100.00 price objective on shares of Corning and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Mizuho set a $97.00 price target on shares of Corning in a report on Wednesday, October 29th. Barclays boosted their price objective on Corning from $65.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 29th. JPMorgan Chase & Co. upped their price objective on Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Finally, Wall Street Zen cut Corning from a “strong-buy” rating to a “hold” rating in a report on Saturday, September 13th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.82.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 23,142 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $89.05, for a total value of $2,060,795.10. Following the transaction, the executive vice president directly owned 17,575 shares in the company, valued at approximately $1,565,053.75. This represents a 56.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jaymin Amin sold 17,721 shares of Corning stock in a transaction dated 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 sale, the senior vice president owned 88,722 shares of the company’s stock, valued at $6,847,563.96. The trade was a 16.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 173,856 shares of company stock valued at $15,456,476. Insiders own 0.32% of the company’s stock.

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.