Rep. Thomas R. Suozzi Sells Off Shares of Corning Incorporated (NYSE:GLW)

Representative Thomas R. Suozzi (D-New York) recently sold shares of Corning Incorporated (NYSE:GLW). In a filing disclosed on November 12th, the Representative disclosed that they had sold between $1,001 and $15,000 in Corning stock on October 24th. The trade occurred in the Representative’s “MERRILL LYNCH- ADVISOR DISCRETION ACCOUNT- IRA” account.

Representative Thomas R. Suozzi also recently made the following trade(s):

• Sold $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/24/2024.
• Purchased $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of Boeing (NYSE:BA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of CVS Health (NYSE:CVS) on 10/24/2024.
• Sold $15,001 – $50,000 in shares of Apple (NASDAQ:AAPL) on 10/7/2024.
• Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/2/2024.

Corning Stock Down 0.3 %

GLW stock opened at $47.05 on Friday. The business’s fifty day moving average price is $45.51 and its two-hundred day moving average price is $41.33. The stock has a market capitalization of $40.28 billion, a price-to-earnings ratio of 276.76, a PEG ratio of 1.51 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.38%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Institutional Trading of Corning

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corning in the 3rd quarter valued at about $514,000. Point72 Hong Kong Ltd bought a new position in Corning during the third quarter valued at $3,411,000. Erste Asset Management GmbH bought a new stake in Corning in the 3rd quarter valued at about $3,545,000. Cobblestone Capital Advisors LLC NY grew its position in shares of Corning by 152.7% in the third quarter. Cobblestone Capital Advisors LLC NY now owns 13,474 shares of the electronics maker’s stock valued at $608,000 after purchasing an additional 8,142 shares in the last quarter. Finally, Firsthand Capital Management Inc. lifted its stake in Corning by 14.6% in the 3rd quarter. Firsthand Capital Management Inc. now owns 11,460 shares of the electronics maker’s stock worth $517,000 after purchasing an additional 1,460 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays lifted their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.08.

About Representative Suozzi

Thomas Richard Suozzi (born August 31, 1962) is an American politician, attorney, and accountant serving as the U.S. representative for New York’s 3rd congressional district since 2024 and previously from 2017 to 2023. A member of the Democratic Party, he was the county executive of Nassau County on Long Island from 2002 to 2009, when he was unseated by Republican Ed Mangano. Before that, Suozzi served eight years as the mayor of Glen Cove in Nassau County.

In 2006, he ran unsuccessfully against Eliot Spitzer for the Democratic nomination for governor of New York. Suozzi was elected to the U.S. House of Representatives in 2016 and reelected in 2018 and 2020. He retired from Congress to run again for the Democratic gubernatorial nomination in 2022, losing to incumbent governor Kathy Hochul.

In October 2023, Suozzi announced that he would run for his old congressional seat in 2024.After Congress expelled George Santos that December, a special election to fill the remainder of the term was scheduled for February 13, 2024. Suozzi was selected as the Democratic nominee, and then won the special election, reclaiming the seat for Democrats.

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.