Maryland State Retirement & Pension System Boosts Holdings in Corning Incorporated $GLW

Maryland State Retirement & Pension System increased its stake in shares of Corning Incorporated (NYSE:GLW) by 5.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,948 shares of the electronics maker’s stock after buying an additional 2,119 shares during the period. Maryland State Retirement & Pension System’s holdings in Corning were worth $1,996,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after purchasing an additional 2,114 shares during the period. Pallas Capital Advisors LLC bought a new position in Corning during the first quarter worth about $286,000. GAMMA Investing LLC boosted its position in Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock worth $520,000 after purchasing an additional 2,567 shares during the period. Simon Quick Advisors LLC boosted its position in Corning by 59.3% during the first quarter. Simon Quick Advisors LLC now owns 9,738 shares of the electronics maker’s stock worth $446,000 after purchasing an additional 3,625 shares during the period. Finally, Ferguson Wellman Capital Management Inc. boosted its position in Corning by 1.5% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 19,852 shares of the electronics maker’s stock worth $909,000 after purchasing an additional 297 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. Oppenheimer reiterated an “outperform” rating and set a $72.00 target price (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Mizuho increased their target price on shares of Corning from $74.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, October 3rd. Citigroup increased their target price on shares of Corning from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Barclays raised their price objective on shares of Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Insiders Place Their Bets

In related news, COO Avery H. Nelson III sold 36,240 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer directly owned 64,838 shares of the company’s stock, valued at $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michael Paul O’day sold 14,879 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the sale, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 181,671 shares of company stock valued at $11,816,899 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

GLW stock opened at $83.00 on Friday. The firm has a 50 day moving average of $73.19 and a 200-day moving average of $57.18. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $87.78. The firm has a market capitalization of $71.10 billion, a P/E ratio of 88.30, a price-to-earnings-growth ratio of 1.95 and a beta of 1.14.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period last year, the firm posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced 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. 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 dividend payout ratio (DPR) is currently 119.15%.

Corning Company Profile

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.