Corning Incorporated $GLW Holdings Trimmed by Keybank National Association OH

Keybank National Association OH decreased its position in shares of Corning Incorporated (NYSE:GLW) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 476,210 shares of the electronics maker’s stock after selling 9,188 shares during the period. Keybank National Association OH owned approximately 0.06% of Corning worth $73,222,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Western Pacific Wealth Management LP bought a new position in Corning during the third quarter worth about $25,000. Kings Path Partners LLC acquired a new stake in Corning in the 3rd quarter worth about $25,000. Atwood & Palmer Inc. acquired a new stake in Corning in the 2nd quarter worth about $26,000. Rogco LP bought a new stake in Corning in the 2nd quarter valued at about $27,000. Finally, Toth Financial Advisory Corp boosted its holdings in Corning by 130.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

GLW stock opened at $112.21 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. Corning Incorporated has a 12 month low of $77.39 and a 12 month high of $271.78. The firm has a market cap of $96.66 billion, a P/E ratio of 45.43, a P/E/G ratio of 1.43 and a beta of 1.23. The company’s 50-day moving average price is $143.08 and its two-hundred day moving average price is $155.76.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same period in the previous year, the company earned $0.67 EPS. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 3.38 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s dividend payout ratio (DPR) is 45.34%.

Insider Buying and Selling

In other Corning 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 transaction of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. UBS Group decreased their target price on shares of Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. Bank of America dropped their price target on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Truist Financial reiterated a “buy” rating and issued a $175.00 price target (down from $182.00) on shares of Corning in a research note on Wednesday, October 28th. Zacks Research raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 28th. Finally, Citigroup restated a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $174.56.

Trending Headlines about Corning

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning’s shares gained 32.5% over the past year, outperforming both its industry and the S&P 500, with AI infrastructure demand, optical communications growth, and solar expansion cited as drivers. GLW Stock Rises 32.5% in a Year: Is There Still Room to Grow?
• Positive Sentiment: Forty ETFs bought Corning shares on Nov. 5, while 16 sold, resulting in a reported net $47.6 million inflow. ETFs Bought $47.6 Million of Corning
• Neutral Sentiment: A technical analysis article describes GLW as oversold, suggesting the possibility of a bounce, but says the stock’s broader trend remains weak. Corning Stock Price Prediction
• Negative Sentiment: Coverage says the AI “picks-and-shovels” trade is retreating, a shift that can weigh on Corning given investor interest in its AI-related infrastructure exposure. The AI Picks-and-Shovels Trade Caves In
• Negative Sentiment: Sanford C. Bernstein cut its GLW price target to $120 from $140 and maintained a “market perform” rating, signaling more cautious expectations. Corning Price Targets

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.