Corning Incorporated $GLW Stock Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 2.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 646,545 shares of the electronics maker’s stock after selling 14,619 shares during the quarter. Fifth Third Bancorp’s holdings in Corning were worth $99,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Alliance Wealth Advisors LLC boosted its holdings in Corning by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock valued at $1,033,000 after acquiring an additional 56 shares during the last quarter. Ares Financial Consulting LLC raised its holdings in Corning by 15.6% during the 2nd quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock worth $113,000 after purchasing an additional 60 shares during the last quarter. Signature Equity Partners LLC raised its holdings in Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after purchasing an additional 62 shares during the last quarter. Balefire LLC lifted its position in shares of Corning by 0.7% in the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock worth $1,305,000 after purchasing an additional 65 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Corning by 1.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock worth $623,000 after purchasing an additional 70 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent analyst reports. Barclays increased their price objective on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. Sanford C. Bernstein dropped their target price on shares of Corning from $140.00 to $120.00 and set a “market perform” rating on the stock in a report on Monday. JPMorgan Chase & Co. cut their price target on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 21st. Zacks Research upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. Finally, China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 price objective for the company in a research report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $172.18.

Recent Corning Headlines

Here are a few of the latest headlines about GLW:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $134 price target, citing strong demand for optical fiber as AI data centers expand. The new coverage appears to be the clearest near-term catalyst for the shares. Corning stock jumps as Jefferies sees AI fiber demand driving growth
• Positive Sentiment: Recent analysis highlighted Corning’s multiyear, multibillion-dollar optical agreements with Verizon and AT&T, expansion of U.S. solar manufacturing, and net share inflows into ETFs. These developments support its positioning in AI infrastructure and domestic clean-energy supply chains. How Investors May Respond To Corning (GLW) ETF Buying And AI Demand
• Neutral Sentiment: Despite the positive catalyst, one report noted GLW had fallen sharply over the prior month. ETF buying may signal institutional interest, but does not guarantee that the recent decline has run its course. Is Corning (GLW) Undervalued After Its 28% One Month Slide?

Corning Stock Performance

NYSE:GLW opened at $120.56 on Thursday. The company has a fifty day moving average of $142.58 and a 200-day moving average of $155.89. The firm has a market capitalization of $103.85 billion, a P/E ratio of 36.06, a P/E/G ratio of 1.38 and a beta of 1.23. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. Corning’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.67 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 3.38 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s payout ratio is 45.34%.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.