Geneos Wealth Management Inc. Boosts Stake in Corning Incorporated $GLW

Geneos Wealth Management Inc. lifted its stake in Corning Incorporated (NYSE:GLW) by 4.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,961 shares of the electronics maker’s stock after purchasing an additional 224 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Corning were worth $227,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. bought a new stake in shares of Corning in the fourth quarter worth approximately $29,000. Putney Financial Group LLC purchased a new position in shares of Corning during the fourth quarter valued at about $30,000. Investment Management Corp VA ADV raised its holdings in shares of Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock worth $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker’s stock valued at $34,000 after acquiring an additional 353 shares during the last quarter. Finally, Banque Transatlantique SA purchased a new position in shares of Corning in the first quarter valued at $34,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 1.2%

Shares of GLW stock opened at $77.95 on Tuesday. The company has a 50-day moving average of $63.26 and a two-hundred day moving average of $52.71. The firm has a market cap of $66.77 billion, a PE ratio of 82.93, a price-to-earnings-growth ratio of 1.73 and a beta of 1.09. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $78.32. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter last year, the firm earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s dividend payout ratio is presently 119.15%.

Insiders Place Their Bets

In other news, SVP Michael Paul O’day sold 14,879 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares of the company’s stock, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total transaction of $877,026.96. Following the transaction, the chief financial officer directly owned 78,316 shares of the company’s stock, valued at $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 163,950 shares of company stock valued at $10,449,192. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GLW. Barclays increased their price target on shares of Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a report on Wednesday, July 30th. UBS Group upgraded Corning from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $65.00 to $84.00 in a report on Tuesday, September 2nd. Susquehanna restated a “positive” rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the stock an “equal weight” rating in a research note on Wednesday, July 30th. Finally, Oppenheimer reiterated an “outperform” rating and set a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $66.75.

Corning 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.