Skandinaviska Enskilda Banken AB publ Reduces Position in Corning Incorporated $GLW

by · The Cerbat Gem

Skandinaviska Enskilda Banken AB publ decreased its position in Corning Incorporated (NYSE:GLW – Free Report) by 3.0% in the second quarter, HoldingsChannel.com reports. The fund owned 172,999 shares of the electronics maker’s stock after selling 5,371 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Corning were worth $9,098,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Ceredex Value Advisors LLC acquired a new position in shares of Corning in the second quarter valued at about $31,244,000. Norges Bank purchased a new stake in Corning in the second quarter valued at approximately $534,936,000. Level Four Advisory Services LLC boosted its position in Corning by 2.0% in the second quarter. Level Four Advisory Services LLC now owns 10,368 shares of the electronics maker’s stock valued at $545,000 after buying an additional 203 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Corning by 2.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 79,266 shares of the electronics maker’s stock valued at $4,169,000 after buying an additional 1,801 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in Corning by 2.0% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 792,955 shares of the electronics maker’s stock worth $41,702,000 after buying an additional 15,192 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, insider Eric S. Musser sold 100,000 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $90.17, for a total transaction of $9,017,000.00. Following the completion of the transaction, the insider directly owned 44,926 shares in the company, valued at approximately $4,050,977.42. This represents a 69.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 23,142 shares of Corning stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the completion of the sale, the executive vice president owned 17,575 shares in the company, valued at approximately $1,565,053.75. This trade represents a 56.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 173,856 shares of company stock worth $15,456,476 in the last 90 days. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on GLW shares. Citigroup lifted their price objective on shares of Corning from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corning in a report on Tuesday. Oppenheimer set a $100.00 price objective on Corning and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Morgan Stanley set a $82.00 target price on Corning in a research note on Wednesday, October 29th. Finally, JPMorgan Chase & Co. raised their target price on Corning from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $91.64.

View Our Latest Stock Analysis on GLW

Corning Price Performance

NYSE:GLW opened at $84.16 on Friday. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $92.57. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $72.15 billion, a PE ratio of 53.26, a price-to-earnings-growth ratio of 1.99 and a beta of 1.15. The stock’s 50-day moving average price is $84.41 and its 200-day moving average price is $67.57.

Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the firm posted $0.54 EPS. Corning’s quarterly revenue was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a yield of 1.3%. Corning’s dividend payout ratio (DPR) is currently 70.89%.

About Corning

(Free Report)

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.

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