Alight Capital Management LP Sells 20,000 Shares of Corning Incorporated $GLW

Key Points

• Alight Capital Management reduced its Corning position by 40% in the fourth quarter, selling 20,000 shares and leaving it with 30,000 shares valued at about $2.63 million.
• Institutional interest remains strong overall, with several large investors boosting stakes and hedge funds/institutions owning 69.8% of Corning’s stock.
• Corning posted solid results and shareholder returns, beating Q1 earnings and revenue expectations, while also announcing a quarterly dividend of $0.28 per share.

Alight Capital Management LP lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 40.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,000 shares of the electronics maker's stock after selling 20,000 shares during the quarter. Alight Capital Management LP's holdings in Corning were worth $2,627,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in GLW. Capital Research Global Investors acquired a new stake in shares of Corning in the 3rd quarter valued at approximately $907,164,000. Norges Bank acquired a new position in shares of Corning in the fourth quarter valued at $921,435,000. Wellington Management Group LLP increased its holdings in shares of Corning by 30.3% in the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock valued at $1,358,211,000 after purchasing an additional 3,848,540 shares during the last quarter. Polar Capital Holdings Plc increased its holdings in shares of Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock valued at $329,035,000 after purchasing an additional 2,348,125 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Corning by 102.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker's stock valued at $399,505,000 after purchasing an additional 2,304,676 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity

In other Corning news, SVP Michaune D. Tillman sold 3,260 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares of the company's stock, valued at approximately $2,106,221.48. The trade was a 24.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of the business's stock in a transaction dated 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 transaction, the senior vice president directly owned 94,400 shares of the company's stock, valued at approximately $18,138,016. The trade was a 22.49% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 160,655 shares of company stock valued at $30,692,561. Corporate insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GLW shares. UBS Group increased their price objective on Corning from $223.00 to $228.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Zacks Research cut Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Corning in a research report on Friday, May 15th. Susquehanna increased their price objective on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research report on Wednesday, April 29th. Finally, Citigroup increased their price objective on Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average target price of $178.31.

Corning Price Performance

GLW stock opened at $174.98 on Thursday. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $49.97 and a 12 month high of $211.79. The firm has a market cap of $150.59 billion, a P/E ratio of 83.72, a P/E/G ratio of 2.54 and a beta of 1.15. The company's 50-day moving average price is $179.09 and its two-hundred day moving average price is $136.06.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same period last year, the firm earned $0.54 EPS. The business's quarterly 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, analysts anticipate that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Dividend Announcement

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

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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