106,412 Shares in Corning Incorporated $GLW Acquired by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group acquired 106,412 Corning shares valued at approximately $27.2 million during the second quarter. Several other institutions also initiated positions, bringing institutional ownership to 69.8%.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and average price target of $174.08, although several firms recently lowered their targets.
• Corning exceeded quarterly estimates with $0.78 in adjusted EPS and $4.74 billion in revenue, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, while senior executives recently sold shares.

Citizens Financial Group Inc. RI purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 106,412 shares of the electronics maker's stock, valued at approximately $27,181,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Corning during the 2nd quarter worth approximately $797,000. Cornerstone Advisors LLC acquired a new position in shares of Corning during the 2nd quarter valued at $23,780,000. UNIVEST FINANCIAL Corp acquired a new position in shares of Corning during the 2nd quarter valued at $5,298,000. Lee Johnson Capital Management LLC bought a new position in Corning during the second quarter worth $7,234,000. Finally, Grandfield & Dodd LLC acquired a new stake in Corning in the second quarter worth $12,037,000. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GLW has been the subject of several research analyst reports. Weiss Ratings raised shares of Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 7th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Citigroup reduced their target price on Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research note on Wednesday, July 29th. UBS Group reiterated a "buy" rating and issued a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Finally, Mizuho reduced their price objective on Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $174.08.

Insider Buying and Selling at Corning

In other Corning news, SVP Jaymin Amin sold 27,395 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is currently owned by company insiders.

Corning Price Performance

GLW stock opened at $173.29 on Tuesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The company has a market capitalization of $149.27 billion, a P/E ratio of 79.13, 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 $176.54 and a two-hundred day simple moving average of $162.37. Corning Incorporated has a 52-week low of $63.37 and a 52-week high of $271.78.

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. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same period last year, the company posted $0.60 earnings per share. Corning's quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts expect that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed 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 dividend yield of 0.6%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) is 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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