Allstate Corp Buys 31,798 Shares of Corning Incorporated $GLW

Key Points

• Allstate Corp more than doubled its Corning stake in the fourth quarter, buying 31,798 additional shares and bringing its total holdings to 61,642 shares worth about $5.4 million.
• Wall Street sentiment on Corning remains broadly positive: analysts currently rate the stock a Moderate Buy on average, with several firms recently raising their price targets to as high as $186.
• Corning reported strong quarterly results, beating earnings and revenue estimates, while also announcing a quarterly dividend of $0.28 per share payable on June 29.

Allstate Corp increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 106.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,642 shares of the electronics maker's stock after acquiring an additional 31,798 shares during the quarter. Allstate Corp's holdings in Corning were worth $5,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. Berbice Capital Management LLC bought a new stake in shares of Corning in the 4th quarter worth approximately $26,000. Strengthening Families & Communities LLC purchased a new position in shares of Corning in the 3rd quarter valued at approximately $27,000. Cornerstone Planning Group LLC lifted its stake in shares of Corning by 58.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock valued at $30,000 after purchasing an additional 124 shares during the period. Finally, JPL Wealth Management LLC purchased a new position in shares of Corning in the 3rd quarter valued at approximately $33,000. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Susquehanna raised their target price on Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research note on Wednesday, April 29th. Fox Advisors cut Corning from an "overweight" rating to an "equal weight" rating in a research note on Thursday, January 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Corning in a research note on Friday, May 15th. Barclays raised their target price on Corning from $149.00 to $180.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Finally, Bank of America raised their target price on Corning from $155.00 to $186.00 and gave the company a "buy" rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $177.92.

Insider Activity at Corning

In related news, SVP Michaune D. Tillman sold 3,260 shares of the company's stock in a transaction on 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 sale, the senior vice president owned 10,174 shares in the company, valued at approximately $2,106,221.48. This represents a 24.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 137,514 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $155.37, for a total value of $21,365,550.18. Following the sale, the chief executive officer owned 750,585 shares of the company's stock, valued at approximately $116,618,391.45. This trade represents a 15.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 198,169 shares of company stock valued at $33,412,111 in the last 90 days. 0.25% of the stock is owned by company insiders.

Corning Stock Up 1.3%

Shares of NYSE:GLW opened at $196.64 on Wednesday. The stock has a fifty day simple moving average of $164.19 and a two-hundred day simple moving average of $124.80. The stock has a market capitalization of $169.24 billion, a price-to-earnings ratio of 94.09, a PEG ratio of 2.78 and a beta of 1.14. Corning Incorporated has a 12-month low of $48.62 and a 12-month high of $211.79. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

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