Corning (NYSE:GLW) Shares Unloaded Rep. Thomas R. Suozzi

Representative Thomas R. Suozzi (D-New York) recently sold shares of Corning Incorporated (NYSE:GLW). In a filing disclosed on November 12th, the Representative disclosed that they had sold between $1,001 and $15,000 in Corning stock on October 24th. The trade occurred in the Representative’s “MERRILL LYNCH- ADVISOR DISCRETION ACCOUNT- IRA” account.

Representative Thomas R. Suozzi also recently made the following trade(s):

• Sold $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/24/2024.
• Purchased $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of Boeing (NYSE:BA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of CVS Health (NYSE:CVS) on 10/24/2024.
• Sold $15,001 – $50,000 in shares of Apple (NASDAQ:AAPL) on 10/7/2024.
• Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/2/2024.

Corning Price Performance

Corning stock opened at $47.05 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $45.51 and a 200-day simple moving average of $41.33. The stock has a market cap of $40.28 billion, a P/E ratio of 276.76, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm posted $0.45 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Institutional Investors Weigh In On Corning

Large investors have recently modified their holdings of the stock. West Oak Capital LLC boosted its stake in shares of Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC boosted its position in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares in the last quarter. SteelPeak Wealth LLC grew its stake in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust grew its stake in shares of Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its stake in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Bank of America lifted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

About Representative Suozzi

Thomas Richard Suozzi (born August 31, 1962) is an American politician, attorney, and accountant serving as the U.S. representative for New York’s 3rd congressional district since 2024 and previously from 2017 to 2023. A member of the Democratic Party, he was the county executive of Nassau County on Long Island from 2002 to 2009, when he was unseated by Republican Ed Mangano. Before that, Suozzi served eight years as the mayor of Glen Cove in Nassau County.

In 2006, he ran unsuccessfully against Eliot Spitzer for the Democratic nomination for governor of New York. Suozzi was elected to the U.S. House of Representatives in 2016 and reelected in 2018 and 2020. He retired from Congress to run again for the Democratic gubernatorial nomination in 2022, losing to incumbent governor Kathy Hochul.

In October 2023, Suozzi announced that he would run for his old congressional seat in 2024.After Congress expelled George Santos that December, a special election to fill the remainder of the term was scheduled for February 13, 2024. Suozzi was selected as the Democratic nominee, and then won the special election, reclaiming the seat for Democrats.

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.