Jennison Associates LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 40.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 333,272 shares of the electronics maker’s stock after purchasing an additional 95,769 shares during the quarter. Jennison Associates LLC’s holdings in Corning were worth $45,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Berbice Capital Management LLC bought a new position in Corning in the fourth quarter worth about $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning in the 4th quarter valued at about $26,000. MBM Wealth Consultants LLC bought a new stake in shares of Corning in the 1st quarter valued at about $42,000. Kemnay Advisory Services Inc. purchased a new position in shares of Corning in the 4th quarter worth approximately $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in shares of Corning during the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Insider Activity at Corning
In other Corning news, VP John Z. Zhang sold 10,000 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the sale, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the transaction, the senior vice president directly owned 25,570 shares in the company, valued at $5,273,301.10. This represents a 43.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 160,655 shares of company stock worth $30,692,560 in the last quarter. 0.25% of the stock is owned by insiders.
Corning Stock Down 1.1%
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Analysts anticipate that Corning Incorporated will post 3.18 EPS for the current year.
Corning Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Corning’s payout ratio is currently 53.59%.
Analysts Set New Price Targets
A number of research firms recently commented on GLW. Morgan Stanley set a $180.00 target price on shares of Corning in a research report on Friday, May 8th. Citigroup upped their price target on Corning from $225.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Mizuho increased their price objective on Corning from $220.00 to $270.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded Corning from a “hold” rating to a “buy” rating in a research note on Saturday. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $194.69.
Read Our Latest Analysis on Corning
About Corning
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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