Xponance Inc. Lowers Holdings in Corning Incorporated (NYSE:GLW)

Posted by on Sep 25th, 2023

Xponance Inc. decreased its stake in Corning Incorporated (NYSE:GLW – Free Report) by 5.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 101,172 shares of the electronics maker’s stock after selling 6,392 shares during the quarter. Xponance Inc.’s holdings in Corning were worth $3,545,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Ameritas Advisory Services LLC boosted its stake in shares of Corning by 24.6% in the first quarter. Ameritas Advisory Services LLC now owns 7,905 shares of the electronics maker’s stock worth $276,000 after buying an additional 1,561 shares during the last quarter. Parsons Capital Management Inc. RI purchased a new stake in shares of Corning in the first quarter worth about $210,000. ExodusPoint Capital Management LP boosted its stake in shares of Corning by 249.5% in the fourth quarter. ExodusPoint Capital Management LP now owns 209,717 shares of the electronics maker’s stock worth $6,698,000 after buying an additional 149,717 shares during the last quarter. Penserra Capital Management LLC boosted its stake in shares of Corning by 7.5% in the fourth quarter. Penserra Capital Management LLC now owns 184,451 shares of the electronics maker’s stock worth $5,890,000 after buying an additional 12,839 shares during the last quarter. Finally, Alight Capital Management LP purchased a new position in Corning during the fourth quarter worth approximately $1,437,000. Hedge funds and other institutional investors own 67.74% of the company’s stock.

Insider Activity at Corning

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $33.78, for a total transaction of $3,378,000.00. Following the completion of the sale, the chief executive officer now owns 847,474 shares of the company’s stock, valued at $28,627,671.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Lewis A. Steverson sold 16,710 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $34.25, for a total transaction of $572,317.50. Following the completion of the transaction, the executive vice president now directly owns 29,378 shares in the company, valued at $1,006,196.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $33.78, for a total value of $3,378,000.00. Following the transaction, the chief executive officer now owns 847,474 shares of the company’s stock, valued at $28,627,671.72. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. Oppenheimer reiterated an “outperform” rating and set a $42.00 price target on shares of Corning in a research report on Monday, July 31st. Morgan Stanley upgraded Corning from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $35.00 to $38.00 in a research report on Friday, June 9th. 888 restated an “upgrade” rating on shares of Corning in a research report on Friday, June 9th. UBS Group downgraded Corning from a “buy” rating to a “neutral” rating and raised their target price for the company from $38.00 to $39.00 in a research report on Friday, July 14th. Finally, Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and raised their target price for the company from $36.00 to $40.00 in a research report on Thursday, June 15th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

View Our Latest Research Report on GLW

Corning Price Performance

NYSE:GLW opened at $31.22 on Monday. Corning Incorporated has a one year low of $28.98 and a one year high of $37.10. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.03 and a current ratio of 1.65. The stock has a market cap of $26.63 billion, a PE ratio of 42.77, a P/E/G ratio of 2.89 and a beta of 1.06. The stock has a 50 day moving average price of $32.53 and a 200 day moving average price of $33.00.

Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.45 EPS for the quarter, meeting the consensus estimate of $0.45. Corning had a return on equity of 13.22% and a net margin of 4.72%. The firm had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same quarter last year, the firm earned $0.57 earnings per share. The business’s revenue for the quarter was down 7.4% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post 1.85 EPS for the current fiscal year.

About Corning

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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