SFE Investment Counsel acquired a new stake in shares of Corning Incorporated (NYSE:GLW – Free Report) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 18,709 shares of the electronics maker’s stock, valued at approximately $4,779,000.
A number of other institutional investors have also added to or reduced their stakes in GLW. Trust Asset Management LLC boosted its stake in Corning by 1.0% in the 2nd quarter. Trust Asset Management LLC now owns 8,648 shares of the electronics maker’s stock worth $2,209,000 after purchasing an additional 85 shares during the period. First Community Trust NA bought a new stake in shares of Corning during the second quarter valued at about $72,000. Regent Peak Wealth Advisors LLC increased its position in shares of Corning by 2.0% during the second quarter. Regent Peak Wealth Advisors LLC now owns 3,569 shares of the electronics maker’s stock valued at $912,000 after buying an additional 70 shares during the period. Annex Advisory Services LLC bought a new stake in shares of Corning during the second quarter valued at about $284,000. Finally, Tema ETFs LLC lifted its holdings in shares of Corning by 10.5% in the second quarter. Tema ETFs LLC now owns 13,723 shares of the electronics maker’s stock worth $3,505,000 after buying an additional 1,305 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on GLW shares. Weiss Ratings raised shares of Corning from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 7th. Mizuho cut their price target on shares of Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Morgan Stanley reduced their price target on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. decreased their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Finally, Truist Financial raised Corning from a “hold” rating to a “buy” rating and dropped their price objective for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Eleven 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 stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.08.
Corning Trading Up 4.6%
Shares of Corning stock opened at $165.85 on Friday. 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 1 year low of $63.37 and a 1 year high of $271.78. The firm has a market cap of $142.86 billion, a PE ratio of 75.73, a PEG ratio of 2.12 and a beta of 1.14. The company has a 50 day simple moving average of $176.82 and a two-hundred day simple moving average of $161.45.
Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The firm had revenue of $4.74 billion for 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 revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts expect that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.
Corning Dividend Announcement
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 paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio is currently 51.14%.
Insiders Place Their Bets
In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. This trade represents a 22.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is 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.
Featured Articles
- Five stocks we like better than Corning
- Is Best Buy the AI Winner Hiding in the Electronics Aisle?
- Applied Materials Beat Everything but Wall Street’s Expectations for Margins
- Back From Orbit, Intuitive Machines’ Share Price Enters the Buy Zone
- Texas Roadhouse and Brinker International Have the Recipe Rivals Are Missing
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW – Free Report).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.
