Private Advisory Group LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW – Free Report) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 84,851 shares of the electronics maker’s stock, valued at approximately $21,673,000. Corning accounts for about 1.2% of Private Advisory Group LLC’s holdings, making the stock its 24th biggest position.
Other hedge funds have also bought and sold shares of the company. Merit Financial Group LLC boosted its stake in Corning by 16.9% in the fourth quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker’s stock valued at $3,940,000 after acquiring an additional 6,493 shares during the period. Security National Bank raised its position in shares of Corning by 340.4% during the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker’s stock worth $6,350,000 after purchasing an additional 56,056 shares during the period. Herbst Group LLC acquired a new stake in shares of Corning during the 2nd quarter worth approximately $4,474,000. Principal Financial Group Inc. lifted its holdings in shares of Corning by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock worth $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Finally, Wealthfront Advisers LLC lifted its holdings in shares of Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock worth $12,567,000 after purchasing an additional 24,589 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
GLW has been the subject of a number of recent research reports. Bank of America upped their price objective on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Barclays cut their target price on Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 29th. Mizuho reduced 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 lowered 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. Finally, Weiss Ratings raised shares of Corning from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.08.
Corning Stock Performance
Shares of GLW stock opened at $165.85 on Friday. Corning Incorporated has a 12-month low of $63.37 and a 12-month high of $271.78. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The firm has a market capitalization of $142.86 billion, a price-to-earnings ratio of 75.73, a price-to-earnings-growth ratio of 2.12 and a beta of 1.14. The business has a 50 day simple moving average of $176.82 and a 200 day simple moving average of $161.45.
Corning (NYSE:GLW – Get Free Report) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the previous year, the business earned $0.60 EPS. The firm’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. On average, equities research analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.
Corning Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is currently 51.14%.
Insider Activity at Corning
In related news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the transaction, the senior vice president directly owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.25% of the company’s stock.
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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