1ST Source Bank Purchases Shares of 11,555 Corning Incorporated $GLW

Key Points

• 1ST Source Bank acquired 11,555 Corning shares in the second quarter, valued at approximately $2.95 million. Institutional investors collectively own 69.80% of Corning.
• Analysts maintain a “Moderate Buy” consensus on Corning, with an average price target of $174.08; recent targets ranged from $129 to $243.
• Corning exceeded quarterly earnings and revenue estimates, reporting $0.78 EPS and $4.74 billion in revenue, while declaring a quarterly dividend of $0.28 per share.

1ST Source Bank acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,555 shares of the electronics maker's stock, valued at approximately $2,951,000.

Other large investors also recently modified their holdings of the company. Berbice Capital Management LLC bought a new stake in shares of Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC bought a new position in Corning in the 4th quarter worth about $26,000. Atwood & Palmer Inc. purchased a new position in Corning during the 2nd quarter valued at about $26,000. Kemnay Advisory Services Inc. bought a new stake in shares of Corning during the fourth quarter valued at about $27,000. Finally, Litman Gregory Wealth Management LLC bought a new stake in shares of Corning during the fourth quarter valued at about $31,000. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GLW shares. Weiss Ratings upgraded Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. decreased their target price on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Oppenheimer lowered their price target on Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Barclays dropped their price target on Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Finally, Bank of America lifted their price target on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Corning Price Performance

Shares of NYSE GLW opened at $165.85 on Monday. Corning Incorporated has a 1 year low of $63.37 and a 1 year high of $271.78. The stock has a market capitalization of $142.86 billion, a P/E ratio of 75.73, a P/E/G ratio of 2.12 and a beta of 1.14. The company's 50-day moving average is $176.82 and its 200 day moving average is $161.92. 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 (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion during 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%. Corning's quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, sell-side analysts expect that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a $0.28 dividend. 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 dividend payout ratio is currently 51.14%.

Insider Activity

In other news, SVP Jaymin Amin sold 27,395 shares of the firm's stock in a transaction 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 trade represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is owned by company 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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