Abbot Financial Management Inc. Invests $10.21 Million in Corning Incorporated $GLW

Key Points

• Abbot Financial Management acquired 39,980 Corning shares worth approximately $10.21 million, making Corning its sixth-largest holding at 3.5% of the portfolio.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and five Holds; MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $174.08.
• Corning exceeded quarterly expectations with $0.78 in EPS and $4.74 billion in revenue, while declaring a $0.28 quarterly dividend. Company insiders, including the CEO, recently sold shares.

Abbot Financial Management Inc. acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 39,980 shares of the electronics maker's stock, valued at approximately $10,212,000. Corning accounts for approximately 3.5% of Abbot Financial Management Inc.'s portfolio, making the stock its 6th largest holding.

A number of other hedge funds also recently bought and sold shares of the company. Merit Financial Group LLC boosted its stake in Corning by 16.9% in the 4th quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker's stock worth $3,940,000 after purchasing an additional 6,493 shares during the period. Security National Bank lifted its stake in Corning by 340.4% in the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker's stock worth $6,350,000 after purchasing an additional 56,056 shares in the last quarter. Herbst Group LLC bought a new position in shares of Corning during the 2nd quarter valued at about $4,474,000. Principal Financial Group Inc. boosted its holdings in shares of Corning by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock valued at $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Finally, Wealthfront Advisers LLC grew its position in shares of Corning by 36.2% during the first quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock valued at $12,567,000 after purchasing an additional 24,589 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Morgan Stanley reduced their target price on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. JPMorgan Chase & Co. cut their price target on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Bank of America lifted their price objective on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Truist Financial raised Corning from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $205.00 to $175.00 in a report on Sunday, August 2nd. Finally, Weiss Ratings raised Corning from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Down 0.1%

Shares of NYSE GLW opened at $165.85 on Monday. 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 12-month low of $63.37 and a 12-month high of $271.78. The firm's 50-day moving average price is $176.82 and its 200-day moving average price is $161.92. The stock has a market capitalization of $142.86 billion, a price-to-earnings ratio of 75.73, a P/E/G ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same quarter last year, the business posted $0.60 earnings per share. The firm's revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's dividend payout ratio (DPR) is presently 51.14%.

Insider Buying and Selling

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 transaction 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. This represents a 9.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 value of $5,263,675.30. Following the completion of the sale, the senior vice president owned 94,400 shares of the company's stock, valued at approximately $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.25% of the stock is currently owned by insiders.

Corning 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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