Allianz Asset Management GmbH Has $1.98 Million Stock Position in Corning Incorporated $GLW

Allianz Asset Management GmbH trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 93.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,568 shares of the electronics maker’s stock after selling 574,315 shares during the quarter. Allianz Asset Management GmbH’s holdings in Corning were worth $1,976,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Forte Capital LLC ADV boosted its holdings in Corning by 2.4% during 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 in the last quarter. Smith Salley Wealth Management raised its stake in shares of Corning by 3.3% in the second quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker’s stock valued at $330,000 after acquiring an additional 200 shares during the last quarter. Leigh Baldwin & CO. LLC raised its stake in shares of Corning by 1.7% in the first quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker’s stock valued at $573,000 after acquiring an additional 210 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Corning by 1.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,623 shares of the electronics maker’s stock valued at $874,000 after acquiring an additional 214 shares during the last quarter. Finally, Old North State Wealth Management LLC raised its stake in shares of Corning by 0.5% in the second quarter. Old North State Wealth Management LLC now owns 40,325 shares of the electronics maker’s stock valued at $2,121,000 after acquiring an additional 218 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares of the company’s stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares of the company’s stock, valued at $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 181,671 shares of company stock worth $11,816,899. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an “outperform” rating for the company. Barclays lifted their target price on shares of Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 30th. UBS Group lifted their target price on shares of Corning from $84.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Citigroup raised their price target on shares of Corning from $72.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Corning Price Performance

GLW opened at $87.46 on Friday. The company has a fifty day moving average price of $77.36 and a two-hundred day moving average price of $60.22. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $87.78. The firm has a market capitalization of $74.92 billion, a PE ratio of 93.04, a P/E/G ratio of 1.95 and a beta of 1.14.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $3.84 billion. During the same quarter in the previous year, the business earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders 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 of this dividend is Friday, November 14th. Corning’s payout ratio is currently 119.15%.

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.