Sheets Smith Investment Management Invests $504,000 in Corning Incorporated $GLW

Sheets Smith Investment Management purchased a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,150 shares of the electronics maker’s stock, valued at approximately $504,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock worth $5,151,301,000 after acquiring an additional 1,582,895 shares during the last quarter. Davis Investment Partners LLC purchased a new stake in Corning in the 2nd quarter valued at $251,000. Central Pacific Bank Trust Division boosted its stake in Corning by 23.6% during the 2nd 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 period. Schroder Investment Management Group grew its position in Corning by 638.0% during the 2nd quarter. Schroder Investment Management Group now owns 546,407 shares of the electronics maker’s stock worth $28,736,000 after purchasing an additional 472,365 shares during the last quarter. Finally, Motley Fool Asset Management LLC grew its position in Corning by 10.5% during the 2nd quarter. Motley Fool Asset Management LLC now owns 44,037 shares of the electronics maker’s stock worth $2,316,000 after purchasing an additional 4,183 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, CFO Edward A. Schlesinger sold 20,893 shares of the stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $91.25, for a total value of $1,906,486.25. Following the completion of the transaction, the chief financial officer directly owned 66,959 shares of the company’s stock, valued at approximately $6,110,008.75. This trade represents a 23.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lewis A. Steverson sold 23,142 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $89.05, for a total value of $2,060,795.10. Following the sale, the executive vice president directly owned 17,575 shares in the company, valued at $1,565,053.75. This trade represents a 56.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 156,135 shares of company stock worth $14,088,769 over the last three months. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. Morgan Stanley upped their target price on shares of Corning from $82.00 to $98.00 and gave the company an “equal weight” rating in a report on Wednesday. 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 note on Wednesday, October 29th. Susquehanna increased their price objective on Corning from $75.00 to $100.00 and gave the stock a “positive” rating in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a research note on Monday. Finally, Mizuho set a $97.00 price target on Corning in a research note on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $93.09.

Corning Stock Performance

Shares of GLW stock opened at $86.92 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. The stock has a 50 day simple moving average of $85.85 and a 200-day simple moving average of $71.24. The company has a market cap of $74.52 billion, a price-to-earnings ratio of 55.01, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $96.64.

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

Corning Dividend Announcement

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

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.