Contravisory Investment Management Inc. Purchases New Stake in Corning Incorporated $GLW

Contravisory Investment Management Inc. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the third quarter, HoldingsChannel reports. The institutional investor purchased 9,961 shares of the electronics maker’s stock, valued at approximately $817,000.

Other large investors also recently made changes to their positions in the company. Fiduciary Alliance LLC lifted its holdings in shares of Corning by 0.7% during the 3rd quarter. Fiduciary Alliance LLC now owns 18,474 shares of the electronics maker’s stock valued at $1,515,000 after acquiring an additional 137 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Corning by 3.1% in the second quarter. Parkside Financial Bank & Trust now owns 5,296 shares of the electronics maker’s stock valued at $278,000 after purchasing an additional 158 shares during the period. Groupe la Francaise lifted its stake in shares of Corning by 8.2% during the second quarter. Groupe la Francaise now owns 2,284 shares of the electronics maker’s stock worth $120,000 after purchasing an additional 173 shares in the last quarter. Empirical Finance LLC boosted its position in shares of 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 buying an additional 184 shares during the period. Finally, Zions Bancorporation National Association UT grew its stake in shares of Corning by 3.3% in the second quarter. Zions Bancorporation National Association UT now owns 5,746 shares of the electronics maker’s stock valued at $302,000 after buying an additional 185 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Susquehanna boosted their price target on Corning from $75.00 to $100.00 and gave the stock a “positive” rating in a research report on Wednesday, October 29th. Wall Street Zen lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Saturday, September 13th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Citigroup raised their price target on shares of Corning from $93.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corning in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $93.09.

Insider Transactions at Corning

In other news, CFO Edward A. Schlesinger sold 20,893 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $91.25, for a total value of $1,906,486.25. Following the completion of the sale, the chief financial officer directly owned 66,959 shares in the company, valued at approximately $6,110,008.75. The trade was a 23.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric S. Musser sold 100,000 shares of the firm’s 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 transaction, the insider owned 44,926 shares in the company, valued at $4,050,977.42. This trade represents a 69.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 156,135 shares of company stock worth $14,088,769. 0.40% of the stock is owned by corporate insiders.

Corning Stock Up 1.8%

Shares of NYSE:GLW opened at $86.92 on Friday. The firm has a market cap of $74.52 billion, a PE ratio of 55.01, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. The company has a fifty day simple moving average of $85.85 and a 200 day simple moving average of $71.24. The company has a current ratio of 1.56, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $96.64.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.24 billion. Corning had a net margin of 9.16% and a return on equity of 18.12%. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period last year, the business earned $0.54 EPS. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. On average, equities research analysts anticipate 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 was paid on Friday, December 12th. Investors of record on Friday, November 14th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, November 14th. 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.