Neville Rodie & Shaw Inc. increased its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,774 shares of the electronics maker’s stock after buying an additional 3,855 shares during the quarter. Corning comprises approximately 1.1% of Neville Rodie & Shaw Inc.’s holdings, making the stock its 26th largest position. Neville Rodie & Shaw Inc.’s holdings in Corning were worth $17,567,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Private Client Services LLC acquired a new position in shares of Corning during the second quarter valued at $212,000. RDA Financial Network lifted its position in Corning by 6.9% in the 2nd quarter. RDA Financial Network now owns 1,902 shares of the electronics maker’s stock valued at $486,000 after purchasing an additional 123 shares during the last quarter. Trilogy Capital Inc. lifted its position in Corning by 4.3% in the 2nd quarter. Trilogy Capital Inc. now owns 2,178 shares of the electronics maker’s stock valued at $556,000 after purchasing an additional 90 shares during the last quarter. Versant Capital Management Inc boosted its stake in Corning by 28.6% during the 2nd quarter. Versant Capital Management Inc now owns 4,411 shares of the electronics maker’s stock valued at $1,127,000 after purchasing an additional 980 shares during the period. Finally, Cedar Mountain Advisors LLC boosted its stake in Corning by 404.9% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 409 shares of the electronics maker’s stock valued at $104,000 after purchasing an additional 328 shares during the period. 69.80% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
GLW has been the topic of a number of research analyst reports. Citigroup lowered their price target on Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Zacks Research lowered Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Mizuho lowered their price target on Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Barclays lowered their price target on Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Finally, Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and cut their price objective for the company from $205.00 to $175.00 in a report on Sunday. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus price target of $174.08.
Insider Activity at Corning
In other news, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the completion of the sale, the senior vice president owned 25,570 shares in the company, valued at approximately $5,273,301.10. This represents a 43.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value 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 represents a 9.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is owned by corporate insiders.
Corning Stock Performance
Shares of GLW opened at $146.67 on Tuesday. The firm’s 50 day moving average is $181.97 and its 200-day moving average is $157.64. The stock has a market capitalization of $126.34 billion, a P/E ratio of 66.97, a P/E/G ratio of 1.78 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a 12-month low of $62.65 and a 12-month 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 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts anticipate that Corning Incorporated will post 3.25 EPS for the current fiscal year.
Corning Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Corning’s dividend payout ratio is currently 51.14%.
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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