WASHINGTON TRUST Co Has $9.91 Million Stock Position in Corning Incorporated $GLW

WASHINGTON TRUST Co lessened its position in Corning Incorporated (NYSE:GLW) by 0.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 188,452 shares of the electronics maker’s stock after selling 1,740 shares during the period. WASHINGTON TRUST Co’s holdings in Corning were worth $9,911,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Hudock Inc. grew its holdings in shares of Corning by 33.7% in the second quarter. Hudock Inc. now owns 10,146 shares of the electronics maker’s stock valued at $534,000 after acquiring an additional 2,560 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in Corning by 6.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 118,456 shares of the electronics maker’s stock valued at $6,230,000 after purchasing an additional 7,043 shares during the period. Bailard Inc. increased its position in shares of Corning by 668.5% during the 2nd quarter. Bailard Inc. now owns 40,853 shares of the electronics maker’s stock valued at $2,148,000 after purchasing an additional 35,537 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Corning by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker’s stock worth $1,018,629,000 after purchasing an additional 112,739 shares during the period. Finally, Wealth Alliance LLC boosted its holdings in shares of Corning by 6.9% in the 2nd quarter. Wealth Alliance LLC now owns 10,554 shares of the electronics maker’s stock worth $555,000 after buying an additional 682 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corning news, 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 value of $9,017,000.00. Following the completion of the transaction, the insider owned 44,926 shares in the company, valued at approximately $4,050,977.42. This represents a 69.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jaymin Amin sold 17,721 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 173,856 shares of company stock valued at $15,456,476 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on GLW. Susquehanna lifted their price objective on shares of Corning from $75.00 to $100.00 and gave the stock a “positive” rating in a research report on Wednesday, October 29th. Oppenheimer set a $100.00 price objective on Corning and gave the company an “outperform” rating in a report on Wednesday, October 29th. JPMorgan Chase & Co. upped their price target on Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. UBS Group boosted their price objective on Corning from $91.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, Citigroup increased their target price on shares of Corning from $93.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.82.

Corning Trading Down 3.9%

Shares of Corning stock traded down $3.46 on Thursday, hitting $85.55. The stock had a trading volume of 1,071,944 shares, compared to its average volume of 6,238,667. The stock has a market cap of $73.35 billion, a price-to-earnings ratio of 54.87, a PEG ratio of 1.99 and a beta of 1.15. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. The stock’s 50-day simple moving average is $82.90 and its two-hundred day simple moving average is $64.51. Corning Incorporated has a one year low of $37.31 and a one year high of $92.57.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The company had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $0.54 earnings per share. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 14th. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. Corning’s payout ratio is currently 70.89%.

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.