Corient Private Wealth LP acquired a new stake in Corning Incorporated (NYSE:GLW – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 277,999 shares of the electronics maker’s stock, valued at approximately $71,015,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of GLW. State Street Corp grew its position in Corning by 1.2% in the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock worth $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Corning by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock valued at $1,781,250,000 after buying an additional 517,067 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the period. Capital Research Global Investors boosted its position 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 period. Finally, Ameriprise Financial Inc. grew its holdings in Corning by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock worth $724,432,000 after buying an additional 1,036,988 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.
Corning Price Performance
Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same period last year, the company posted $0.60 EPS. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.
Corning Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Corning’s dividend payout ratio is 51.14%.
Analysts Set New Price Targets
GLW has been the topic of several analyst reports. Susquehanna raised their target price on Corning from $125.00 to $180.00 and gave the company a “positive” rating in a research report on Wednesday, April 29th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research note on Monday. Mizuho lowered their price target on Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Zacks Research cut shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Finally, Barclays reduced their price objective on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.08.
View Our Latest Research Report on Corning
Corning 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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