Ninepoint Partners LP purchased a new stake in Corning Incorporated (NYSE:GLW – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 7,964 shares of the electronics maker’s stock, valued at approximately $2,034,000.
Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in Corning during the 4th quarter valued at approximately $921,435,000. Bank of New York Mellon Corp acquired a new position in shares of Corning during the second quarter worth approximately $1,510,911,000. Capital Research Global Investors lifted its holdings in shares of Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after buying an additional 5,831,873 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Corning in the second quarter valued at approximately $612,763,000. Finally, Polar Capital Holdings Plc boosted its position in shares of Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock valued at $329,035,000 after acquiring an additional 2,348,125 shares during the period. 69.80% of the stock is currently owned by institutional investors.
Insider Transactions at Corning
In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by company insiders.
Corning Stock Down 0.6%
Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same quarter in the previous year, the firm posted $0.60 EPS. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts predict that Corning Incorporated will post 3.27 earnings per share for the current year.
Corning Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a $0.28 dividend. 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 presently 51.14%.
Analyst Upgrades and Downgrades
GLW has been the topic of a number of research reports. Barclays dropped their target price on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Oppenheimer decreased their price target on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Susquehanna boosted their price objective on shares of Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a report on Wednesday, April 29th. Citigroup reduced their target price on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Finally, Mizuho decreased their target price on Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $174.08.
Get Our Latest Research Report on Corning
Corning Company Profile
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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