45,876 Shares in Corning Incorporated $GLW Acquired by Trajan Wealth LLC

Key Points

• Trajan Wealth LLC acquired 45,876 Corning shares worth approximately $11.7 million in the second quarter. Hedge funds and institutional investors collectively own 69.8% of Corning’s stock.
• Corning exceeded quarterly expectations, reporting $0.78 in earnings per share and $4.74 billion in revenue, up 17.1% year over year. The company issued third-quarter EPS guidance of $0.85–$0.89.
• Analysts collectively rate Corning a “Moderate Buy” with a consensus price target of $174.08, while the company maintains a quarterly dividend of $0.28 per share, yielding about 0.8%.

Trajan Wealth LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 45,876 shares of the electronics maker's stock, valued at approximately $11,718,000.

Other hedge funds have also made changes to their positions in the company. Berbice Capital Management LLC bought a new position in shares of Corning during the 4th quarter worth $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning in the fourth quarter valued at about $26,000. Atwood & Palmer Inc. purchased a new stake in Corning in the second quarter worth about $26,000. Kemnay Advisory Services Inc. purchased a new stake in Corning in the fourth quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in Corning during the 4th quarter worth about $31,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of Corning stock opened at $145.19 on Tuesday. The company has a market capitalization of $125.07 billion, a PE ratio of 66.30, a P/E/G ratio of 1.92 and a beta of 1.14. 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 50-day simple moving average of $174.00 and a two-hundred day simple moving average of $163.95. Corning Incorporated has a one year low of $65.75 and a one year high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.63 billion. During the same period last year, the business earned $0.60 EPS. The company's 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 Announces Dividend

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 given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning's dividend payout ratio is presently 51.14%.

Wall Street Analyst Weigh In

A number of research firms have commented on GLW. Truist Financial raised shares of Corning from a "hold" rating to a "buy" rating and cut their target price for the company from $205.00 to $175.00 in a research report on Sunday, August 2nd. Bank of America increased their price objective on shares of Corning from $223.00 to $243.00 and gave the company a "buy" rating in a research note on Monday, July 6th. Mizuho cut their price objective on shares of Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Barclays reduced their price objective on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 29th. Finally, Susquehanna upped their target price on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a report on Wednesday, April 29th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $174.08.

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source