Focus Partners Advisor Solutions LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW – Free Report) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 18,717 shares of the electronics maker’s stock, valued at approximately $4,781,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after purchasing an additional 2,114 shares in the last quarter. Retirement Planning Co of New England Inc. purchased a new position in shares of Corning during the first quarter worth $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Corning by 9.3% in 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 in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Corning in the second quarter valued at $401,000. Finally, Schnieders Capital Management LLC. purchased a new stake in shares of Corning in the 2nd quarter valued at $266,000. Institutional investors and hedge funds own 69.80% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the company. UBS Group reissued a “buy” rating and set a $196.00 target price on shares of Corning in a research note on Wednesday, July 29th. Zacks Research lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Weiss Ratings raised shares of Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $200.00 to $170.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. Finally, Bank of America raised their price objective on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $174.08.
Corning Stock Up 4.6%
Shares of NYSE GLW opened at $165.85 on Friday. The stock has a market cap of $142.86 billion, a P/E ratio of 75.73, a PEG ratio of 2.12 and a beta of 1.14. The business’s fifty day simple moving average is $176.82 and its 200-day simple moving average is $161.45. Corning Incorporated has a 12-month low of $63.37 and a 12-month high of $271.78. 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 (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $4.63 billion. During the same period in the previous year, the firm posted $0.60 EPS. Corning’s revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts predict that Corning Incorporated will post 3.27 EPS for the current fiscal year.
Corning Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning’s payout ratio is currently 51.14%.
Insider Buying and Selling
In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the sale, the senior vice president directly owned 94,400 shares in the company, valued at approximately $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.25% of the stock is currently owned by corporate 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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