Baker Avenue Asset Management LP Acquires 230,070 Shares of Corning Incorporated $GLW

Baker Avenue Asset Management LP raised its stake in shares of Corning Incorporated (NYSE:GLW) by 1,933.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 241,968 shares of the electronics maker’s stock after purchasing an additional 230,070 shares during the period. Baker Avenue Asset Management LP’s holdings in Corning were worth $12,725,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. REAP Financial Group LLC raised its position in Corning by 191.5% in the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock valued at $27,000 after buying an additional 339 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Corning in the 2nd quarter worth $36,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Corning in the 2nd quarter worth $38,000. Resources Management Corp CT ADV raised its holdings in shares of Corning by 66.7% in the first quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 300 shares during the last quarter. Finally, Gen Wealth Partners Inc lifted its position in shares of Corning by 151.7% during the first quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 455 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research analyst reports. Morgan Stanley set a $82.00 price target on Corning in a research report on Wednesday, October 29th. JPMorgan Chase & Co. lifted their target price on Corning from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 29th. Susquehanna boosted their price target on shares of Corning from $75.00 to $100.00 and gave the stock a “positive” rating in a report on Wednesday, October 29th. Mizuho set a $97.00 price objective on shares of Corning in a report on Wednesday, October 29th. Finally, Argus boosted their target price on shares of Corning from $68.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.64.

Corning Trading Up 0.6%

Shares of GLW opened at $85.96 on Monday. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $92.57. The company has a market capitalization of $73.70 billion, a P/E ratio of 54.41, a P/E/G ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 1.00. The firm’s 50 day simple moving average is $84.88 and its 200 day simple moving average is $69.00.

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

Corning Announces Dividend

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

Insider Buying and Selling at Corning

In other news, SVP Jaymin Amin sold 17,721 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the transaction, the senior vice president owned 88,722 shares of the company’s stock, valued at approximately $6,847,563.96. This represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Edward A. Schlesinger sold 20,893 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $91.25, for a total transaction of $1,906,486.25. Following the sale, the chief financial officer 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 173,856 shares of company stock worth $15,456,476 over the last three months. 0.32% of the stock is owned by corporate insiders.

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.