FNY Investment Advisers LLC purchased a new position in Corning Incorporated (NYSE:GLW – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,818 shares of the electronics maker’s stock, valued at approximately $975,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Berbice Capital Management LLC purchased a new stake in Corning in the fourth quarter worth $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning during the fourth quarter worth $26,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Corning during the fourth quarter valued at $27,000. Litman Gregory Wealth Management LLC bought a new position in shares of Corning in the fourth quarter worth about $31,000. Finally, JPL Wealth Management LLC bought a new position in shares of Corning in the third quarter worth about $33,000. 69.80% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
GLW has been the topic of several recent analyst reports. Bank of America raised their price target on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Zacks Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Morgan Stanley reduced their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and decreased their price target for the company from $205.00 to $175.00 in a research note on Sunday. Finally, Wall Street Zen upgraded Corning from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $174.08.
Corning Stock Performance
Shares of Corning stock opened at $157.45 on Friday. The firm has a market cap of $135.63 billion, a P/E ratio of 71.90, a P/E/G ratio of 2.01 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. Corning Incorporated has a 12 month low of $63.37 and a 12 month high of $271.78. The stock’s fifty day moving average price is $180.04 and its 200-day moving average price is $159.02.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same period in the prior year, the firm earned $0.60 earnings per share. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities research analysts expect that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.
Corning Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Corning’s dividend payout ratio is currently 51.14%.
Insider Activity at Corning
In other Corning news, VP John Z. Zhang sold 10,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the sale, the vice president owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. This trade represents a 66.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction on Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the transaction, the senior vice president owned 25,570 shares in the company, valued at $5,273,301.10. This represents a 43.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 160,655 shares of company stock valued at $30,692,560 over the last 90 days. Insiders own 0.25% of the company’s stock.
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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