Financiere des Professionnels Fonds d investissement inc. Buys New Position in Corning Incorporated $GLW

Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, Holdings Channel reports. The fund acquired 28,610 shares of the electronics maker’s stock, valued at approximately $1,505,000.

Other hedge funds also recently added to or reduced their stakes in the company. Davis Investment Partners LLC purchased a new position in shares of Corning during the 2nd quarter worth approximately $251,000. Central Pacific Bank Trust Division raised its holdings in Corning by 23.6% during the second quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker’s stock worth $3,838,000 after purchasing an additional 13,920 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Corning by 4,346.5% during the first quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker’s stock worth $7,048,000 after purchasing an additional 150,521 shares during the last quarter. Intech Investment Management LLC increased its position in Corning by 507.6% during the first quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker’s stock worth $9,665,000 after buying an additional 176,379 shares in the last quarter. Finally, Gotham Asset Management LLC purchased a new position in Corning during the fourth quarter worth $306,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In other Corning news, CFO Edward A. Schlesinger sold 14,082 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the sale, the chief financial officer directly owned 78,316 shares of the company’s stock, valued at $4,877,520.48. The trade was a 15.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael Paul O’day sold 14,879 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares in the company, 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. Over the last 90 days, insiders sold 163,950 shares of company stock worth $10,449,192. Insiders own 0.32% of the company’s stock.

Corning Stock Performance

GLW opened at $78.74 on Wednesday. The company has a market capitalization of $67.45 billion, a price-to-earnings ratio of 83.77, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $78.81. The business has a 50 day moving average price of $63.79 and a two-hundred day moving average price of $52.89.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate 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 firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is 119.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GLW shares. Barclays raised their price objective on Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 30th. Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They issued an “outperform” rating on the stock. Citigroup boosted their price objective on Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Morgan Stanley set a $56.00 target price on Corning and gave the stock an “equal weight” rating in a research report on Wednesday, July 30th. Finally, Mizuho lifted their target price on Corning from $63.00 to $74.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. One research 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.75.

About Corning

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.