8,176 Shares in Corning Incorporated $GLW Bought by Leigh Baldwin & CO. LLC

Key Points

• Leigh Baldwin & CO. LLC acquired 8,176 Corning shares worth approximately $2.09 million, making Corning its 24th-largest holding and about 1.1% of its portfolio. Other funds also initiated positions, while institutional investors collectively own 69.8% of the company.
• Corning exceeded quarterly expectations with earnings of $0.78 per share versus $0.76 expected and revenue of $4.74 billion, up 17.1% year over year. The company guided to third-quarter EPS of $0.85–$0.89 and announced a quarterly dividend of $0.28, yielding approximately 0.7%.
• Analysts maintain a “Moderate Buy” consensus, with 10 Buy and six Hold ratings and an average price target of $174.08. Meanwhile, CEO Wendell P. Weeks sold 100,000 shares for approximately $18.65 million.

Leigh Baldwin & CO. LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,176 shares of the electronics maker's stock, valued at approximately $2,088,000. Corning comprises approximately 1.1% of Leigh Baldwin & CO. LLC's investment portfolio, making the stock its 24th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Atwood & Palmer Inc. acquired a new position in Corning during the second quarter valued at approximately $26,000. Burk Holdings LLC acquired a new stake in Corning in the second quarter worth $53,000. First Community Trust NA acquired a new stake in Corning in the second quarter worth $72,000. N.E.W. Advisory Services LLC bought a new position in shares of Corning during the second quarter worth $76,000. Finally, Berbice Capital Management LLC acquired a new position in shares of Corning in the 4th quarter valued at $26,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE GLW opened at $149.91 on Monday. The firm has a market cap of $129.13 billion, a PE ratio of 68.45, a PEG ratio of 1.92 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. Corning Incorporated has a 1-year low of $65.09 and a 1-year high of $271.78. The company has a fifty day moving average price of $174.83 and a 200 day moving average price of $163.72.

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 (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The company's revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts predict that Corning Incorporated will post 3.27 earnings per share 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's dividend payout ratio (DPR) is currently 51.14%.

Insider Buying and Selling

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GLW. JPMorgan Chase & Co. lowered 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. Citigroup reduced their target price on Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a report on Wednesday, July 29th. Susquehanna increased their price target on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a report on Wednesday, April 29th. UBS Group reiterated a "buy" rating and set a $196.00 price objective on shares of Corning in a report on Wednesday, July 29th. Finally, Oppenheimer decreased their price objective on Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $174.08.

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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

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