1,309,455 Shares in Corning Incorporated $GLW Acquired by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 1.31 million Corning shares valued at approximately $334.5 million, representing about 0.15% of the company. Institutional investors collectively own 69.8% of Corning.
• Corning reported quarterly results above expectations, with EPS of $0.78 versus the $0.76 consensus and revenue of $4.74 billion, up 17.1% year over year. The company guided to third-quarter EPS of $0.85–$0.89.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $174.08 target price, while recent price targets have been mixed. Corning also declared a quarterly dividend of $0.28 per share, yielding approximately 0.8%.

Canada Pension Plan Investment Board acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 1,309,455 shares of the electronics maker's stock, valued at approximately $334,474,000. Canada Pension Plan Investment Board owned approximately 0.15% of Corning at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Berbice Capital Management LLC bought a new position in shares of Corning in the fourth quarter worth $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning during the 4th quarter valued at $26,000. Atwood & Palmer Inc. purchased a new stake in Corning during the 2nd quarter worth about $26,000. Kemnay Advisory Services Inc. purchased a new stake in Corning during the 4th quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in Corning in the 4th quarter worth about $31,000. Institutional investors own 69.80% of the company's stock.

Corning Trading Up 1.3%

Shares of GLW opened at $147.45 on Wednesday. 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 $66.14 and a 1-year high of $271.78. The company has a market capitalization of $127.01 billion, a P/E ratio of 67.33, a P/E/G ratio of 1.86 and a beta of 1.14. The firm's 50 day simple moving average is $173.41 and its 200 day simple moving average is $164.22.

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. Sell-side analysts forecast 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 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning's dividend payout ratio is currently 51.14%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GLW shares. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a report on Monday. JPMorgan Chase & Co. cut their price objective on shares of Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Susquehanna boosted their price objective on shares of Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research note on Wednesday, April 29th. Oppenheimer decreased their target price on shares of Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Finally, Bank of America raised their price target on shares of Corning from $223.00 to $243.00 and gave the company a "buy" rating in a report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $174.08.

Insider Buying and Selling

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the firm's 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 sale, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

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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