71 West Capital Partners Acquires New Stake in Corning Incorporated $GLW

Key Points

• 71 West Capital Partners opened a new position in Corning during the fourth quarter, buying 6,399 shares worth about $560,000.
• Institutional interest in Corning remains strong, with hedge funds and other investors owning 69.8% of the stock, while several analysts have kept a Moderate Buy view and a consensus price target of $178.31.
• Corning reported solid quarterly results, beating EPS and revenue estimates, and also announced a quarterly dividend of $0.28 per share to be paid on June 29.

71 West Capital Partners acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,399 shares of the electronics maker's stock, valued at approximately $560,000.

Other institutional investors have also bought and sold shares of the company. TritonPoint Partners LLC purchased a new stake in shares of Corning during the fourth quarter worth $268,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Corning by 6.7% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 147,284 shares of the electronics maker's stock worth $12,896,000 after acquiring an additional 9,278 shares in the last quarter. Venture Visionary Partners LLC lifted its position in shares of Corning by 8.6% during the fourth quarter. Venture Visionary Partners LLC now owns 78,641 shares of the electronics maker's stock worth $7,131,000 after acquiring an additional 6,256 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of Corning by 73.9% during the fourth quarter. Panagora Asset Management Inc. now owns 15,664 shares of the electronics maker's stock worth $1,372,000 after acquiring an additional 6,659 shares in the last quarter. Finally, Sargent Investment Group LLC purchased a new stake in shares of Corning during the fourth quarter worth $1,110,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insiders Place Their Bets

In related news, 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 value of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares of the company's stock, valued at $169,371,500.38. This represents 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 through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value 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 approximately $18,138,016. This represents a 22.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 160,655 shares of company stock valued at $30,692,561 over the last quarter. Insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent research reports. Morgan Stanley set a $180.00 target price on Corning in a research report on Friday, May 8th. JPMorgan Chase & Co. increased their target price on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Barclays increased their target price on Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Citigroup increased their target price on Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $178.31.

Corning Trading Down 5.6%

Shares of GLW stock opened at $177.34 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. Corning Incorporated has a 52-week low of $49.97 and a 52-week high of $211.79. The company has a market capitalization of $152.62 billion, a PE ratio of 84.85, a price-to-earnings-growth ratio of 2.69 and a beta of 1.15. The business's fifty day moving average is $178.51 and its 200 day moving average is $135.42.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the business posted $0.54 earnings per share. The firm's revenue was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio is currently 53.59%.

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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