Scotia Capital Inc. Reduces Stock Holdings in Corning Incorporated $GLW

Scotia Capital Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 9.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,604 shares of the electronics maker’s stock after selling 7,317 shares during the period. Scotia Capital Inc.’s holdings in Corning were worth $3,555,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Parkside Financial Bank & Trust increased its holdings in shares of Corning by 3.1% during the 2nd quarter. Parkside Financial Bank & Trust now owns 5,296 shares of the electronics maker’s stock worth $278,000 after buying an additional 158 shares during the last quarter. Empirical Finance LLC grew its position in Corning by 0.7% in the second quarter. Empirical Finance LLC now owns 27,043 shares of the electronics maker’s stock worth $1,422,000 after acquiring an additional 184 shares during the period. Zions Bancorporation National Association UT increased its stake in Corning by 3.3% during the second quarter. Zions Bancorporation National Association UT now owns 5,746 shares of the electronics maker’s stock worth $302,000 after acquiring an additional 185 shares during the last quarter. Forte Capital LLC ADV raised its position in Corning by 2.4% in the second quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker’s stock valued at $419,000 after purchasing an additional 190 shares during the period. Finally, Westside Investment Management Inc. raised its position in Corning by 8.3% in the second quarter. Westside Investment Management Inc. now owns 2,565 shares of the electronics maker’s stock valued at $135,000 after purchasing an additional 197 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE GLW opened at $84.16 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 0.93. The company has a market cap of $72.15 billion, a price-to-earnings ratio of 53.26, a price-to-earnings-growth ratio of 1.99 and a beta of 1.15. The stock’s 50-day moving average is $84.41 and its two-hundred day moving average is $67.57. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $92.57.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 EPS for the quarter, topping 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 business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The business’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. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Edward A. Schlesinger sold 20,893 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer directly owned 66,959 shares in the company, valued at approximately $6,110,008.75. This trade represents a 23.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric S. Musser sold 100,000 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $90.17, for a total transaction of $9,017,000.00. Following the transaction, the insider owned 44,926 shares of the company’s stock, valued at approximately $4,050,977.42. The trade was a 69.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 173,856 shares of company stock worth $15,456,476. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Barclays raised their price objective on Corning from $65.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a research report on Tuesday. Citigroup upped their price objective on shares of Corning from $93.00 to $99.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Oppenheimer set a $100.00 price objective on shares of Corning and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Finally, Mizuho set a $97.00 target price on Corning in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.64.

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.