Bank of New York Mellon Corp Sells 238,512 Shares of Corning Incorporated $GLW

Bank of New York Mellon Corp lowered its stake in Corning Incorporated (NYSE:GLW) by 3.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,109,465 shares of the electronics maker’s stock after selling 238,512 shares during the period. Bank of New York Mellon Corp owned 0.71% of Corning worth $321,297,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Amundi increased its holdings in shares of Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock valued at $271,237,000 after acquiring an additional 2,507,797 shares in the last quarter. Invesco Ltd. grew its position in Corning by 4.8% during the 1st quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker’s stock valued at $290,111,000 after purchasing an additional 288,328 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Corning by 10.6% during the 1st 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 valued at $267,546,000 after purchasing an additional 558,184 shares in the last quarter. Deutsche Bank AG raised its holdings in Corning by 37.1% in 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 during the last quarter. Finally, Nuveen LLC bought a new position in shares of Corning in the first quarter worth approximately $104,789,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLW. Citigroup raised their price target on shares of Corning from $93.00 to $99.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Wall Street Zen cut Corning from a “strong-buy” rating to a “hold” rating in a research note on Saturday, September 13th. Susquehanna increased their price objective on Corning from $75.00 to $100.00 and gave the company a “positive” rating in a research report on Wednesday, October 29th. Wolfe Research started coverage on Corning in a report on Tuesday, July 8th. They issued an “outperform” rating for the company. Finally, UBS Group upped their target price on shares of Corning from $91.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.82.

Corning Stock Down 2.7%

Shares of GLW stock opened at $85.17 on Wednesday. The company has a 50 day simple moving average of $80.54 and a two-hundred day simple moving average of $62.76. The stock has a market cap of $72.96 billion, a P/E ratio of 53.91, a P/E/G ratio of 1.99 and a beta of 1.14. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $92.57. The company has a current ratio of 1.56, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Corning had a net margin of 9.16% and a return on equity of 18.12%. The firm had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. 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. On average, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. Corning’s dividend payout ratio (DPR) is 70.89%.

Insider Activity

In other Corning news, SVP Jaymin Amin sold 17,721 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the transaction, the senior vice president directly owned 88,722 shares in the company, valued at $6,847,563.96. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eric S. Musser sold 100,000 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $90.17, for a total transaction of $9,017,000.00. Following the completion of the sale, the insider directly owned 44,926 shares of the company’s stock, valued at approximately $4,050,977.42. This trade represents a 69.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 255,959 shares of company stock worth $20,808,771. 0.40% of the stock is currently owned by corporate insiders.

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.