London Co. of Virginia decreased its holdings in shares of Corning Incorporated (NYSE:GLW – Free Report) by 2.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,823,446 shares of the electronics maker’s stock after selling 131,933 shares during the period. Corning comprises 2.9% of London Co. of Virginia’s portfolio, making the stock its 3rd largest holding. London Co. of Virginia’s holdings in Corning were worth $509,902,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Brighton Jones LLC grew its holdings in shares of Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. Retirement Planning Co of New England Inc. purchased a new stake in shares of Corning during the first quarter valued at approximately $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Corning by 9.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker’s stock valued at $2,962,000 after buying an additional 5,522 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Corning during the second quarter valued at approximately $401,000. Finally, Schnieders Capital Management LLC. purchased a new stake in shares of Corning during the second quarter valued at approximately $266,000. Institutional investors own 69.80% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have recently commented on the stock. Citigroup increased their price target on shares of Corning from $175.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a report on Friday, May 15th. Oppenheimer increased their price target on shares of Corning from $120.00 to $210.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Finally, Mizuho increased their price target on shares of Corning from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $178.31.
Insiders Place Their Bets
In other Corning news, SVP Jaymin Amin sold 27,395 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the transaction, the senior vice president directly owned 94,400 shares of the company’s stock, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michaune D. Tillman sold 3,260 shares of Corning stock in a transaction on Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the transaction, the senior vice president owned 10,174 shares in the company, valued at $2,106,221.48. This represents a 24.27% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 160,655 shares of company stock valued at $30,692,561. 0.25% of the stock is currently owned by company insiders.
Corning Trading Down 5.6%
Shares of GLW stock opened at $177.34 on Wednesday. Corning Incorporated has a 12-month low of $49.97 and a 12-month high of $211.79. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $178.51 and its 200 day moving average is $135.42. The stock has a market capitalization of $152.62 billion, a P/E ratio of 84.85, a P/E/G ratio of 2.69 and a beta of 1.15.
Corning (NYSE:GLW – Get Free Report) last issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter last year, the company posted $0.54 earnings per share. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Research analysts expect that Corning Incorporated will post 3.19 earnings per share for the current year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Friday, May 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning’s dividend payout ratio (DPR) is presently 53.59%.
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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