Rakuten Investment Management Inc. grew its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 9.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 128,755 shares of the electronics maker’s stock after acquiring an additional 11,201 shares during the period. Rakuten Investment Management Inc.’s holdings in Corning were worth $32,921,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Security National Bank increased its position in shares of Corning by 340.4% during the fourth quarter. Security National Bank now owns 72,523 shares of the electronics maker’s stock worth $6,350,000 after acquiring an additional 56,056 shares during the period. Herbst Group LLC purchased a new stake in shares of Corning in the second quarter valued at approximately $4,474,000. Principal Financial Group Inc. grew its stake in Corning by 1.2% in the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock worth $121,483,000 after purchasing an additional 10,591 shares in the last quarter. Wealthfront Advisers LLC grew its stake in Corning by 36.2% in the first quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock worth $12,567,000 after purchasing an additional 24,589 shares in the last quarter. Finally, Atlas Wealth LLC increased its holdings in Corning by 137.8% during the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker’s stock worth $1,642,000 after purchasing an additional 6,998 shares during the period. Institutional investors own 69.80% of the company’s stock.
Analyst Upgrades and Downgrades
GLW has been the subject of several research reports. Citigroup lowered their target price on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and cut their price target for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. Finally, Zacks Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.08.
Corning Price Performance
Shares of NYSE GLW opened at $148.87 on Friday. The business has a 50-day simple moving average of $171.18 and a two-hundred day simple moving average of $164.60. The company has a market cap of $128.24 billion, a PE ratio of 67.98, a P/E/G ratio of 1.96 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a fifty-two week low of $66.14 and a fifty-two week high of $271.78.
Corning (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts expect that Corning Incorporated will post 3.27 EPS for the current fiscal year.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning’s dividend payout ratio is currently 51.14%.
Insider Activity at Corning
In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the 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 sale, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by company insiders.
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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