14,619 Corning Incorporated $GLW Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in shares of Corning Incorporated (NYSE:GLW) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 646,545 shares of the electronics maker’s stock after selling 14,619 shares during the quarter. Fifth Third Bancorp owned 0.08% of Corning worth $99,413,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Corning by 13.4% during the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after acquiring an additional 4,845,027 shares during the period. Bank of America Corp DE boosted its position in shares of Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after acquiring an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Corning by 50.9% during the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after acquiring an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Corning in the second quarter valued at approximately $1,510,911,000. Finally, Legal & General Group Plc bought a new position in Corning in the second quarter valued at approximately $1,212,283,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GLW shares. Mizuho lowered their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, September 15th. Oppenheimer reduced their target price on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. UBS Group decreased their price target on Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Bank of America lowered their price target on Corning from $243.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Finally, Barclays upped their price objective on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $172.18.

Trending Headlines about Corning

Here are a few of the latest headlines about GLW:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $134 price target, citing strong demand for optical fiber as AI data centers expand. The new coverage appears to be the clearest near-term catalyst for the shares. Corning stock jumps as Jefferies sees AI fiber demand driving growth
• Positive Sentiment: Recent analysis highlighted Corning’s multiyear, multibillion-dollar optical agreements with Verizon and AT&T, expansion of U.S. solar manufacturing, and net share inflows into ETFs. These developments support its positioning in AI infrastructure and domestic clean-energy supply chains. How Investors May Respond To Corning (GLW) ETF Buying And AI Demand
• Negative Sentiment: A broader pullback in the AI “picks-and-shovels” trade could weigh on sentiment toward Corning, even as the company benefits from demand for data-center fiber. Corning to Caterpillar: The AI ‘picks and shovels’ trade caves in

Corning Price Performance

Corning stock opened at $120.56 on Thursday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $103.85 billion, a PE ratio of 36.06, a P/E/G ratio of 1.38 and a beta of 1.23. Corning Incorporated has a 12 month low of $77.39 and a 12 month high of $271.78. The stock has a 50-day moving average price of $142.58 and a two-hundred day moving average price of $155.89.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The business’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period last year, the firm posted $0.67 earnings per share. Analysts expect that Corning Incorporated will post 3.38 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a yield of 0.9%. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by insiders.

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.