Ancora Advisors LLC Decreases Stock Position in Corning Incorporated $GLW

Key Points

• Ancora Advisors cut its Corning position by 38.4% in the second quarter, selling 8,292 shares and retaining 13,294 shares valued at approximately $3.4 million. Institutional investors collectively own 69.8% of Corning.
• Corning reported better-than-expected second-quarter results, with revenue rising 17.1% year over year to $4.74 billion and EPS of $0.78 versus the $0.76 consensus estimate. Demand for optical fiber, data-center infrastructure and AI-related products remains a key growth driver.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $174.08, but several firms recently lowered their targets. Corning shares opened at $145.61, while insider selling—including an EVP’s 46.5% reduction in holdings—may add to investor caution.

Ancora Advisors LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 38.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 13,294 shares of the electronics maker's stock after selling 8,292 shares during the period. Ancora Advisors LLC's holdings in Corning were worth $3,396,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. State Street Corp lifted its stake in shares of Corning by 1.2% during the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock worth $3,035,836,000 after buying an additional 439,883 shares during the period. Geode Capital Management LLC raised its stake in Corning by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock worth $1,781,250,000 after acquiring an additional 517,067 shares during the last quarter. Bank of America Corp DE raised its stake in Corning by 29.2% in the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock worth $4,784,361,000 after acquiring an additional 4,231,507 shares during the last quarter. Capital Research Global Investors lifted its position in Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock worth $1,478,959,000 after acquiring an additional 5,831,873 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after purchasing an additional 1,036,988 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. Mizuho dropped their target price on Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 29th. Barclays reduced their price target on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Citigroup dropped their price objective on shares of Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a report on Wednesday, July 29th. Finally, Truist Financial upgraded shares of Corning from a "hold" rating to a "buy" rating and cut their price objective for the stock from $205.00 to $175.00 in a research note on Sunday, August 2nd. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Key Headlines Impacting Corning

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning’s second-quarter results were stronger than expected, with revenue of $4.74 billion, up 17.1% year over year, and EPS of $0.78 versus the $0.76 consensus estimate. The company has also cited increasing demand for optical fiber, data-center infrastructure and other products tied to AI and telecommunications investment. Business is Booming for Corning. Time to Buy?
• Positive Sentiment: Industry research continues to identify Corning as a leading fiber-optical cable supplier, with long-term demand supported by 5G rollouts, broadband upgrades, cloud infrastructure and AI-related data-center expansion. Corning gains recognition in the global fiber optical cable market
• Neutral Sentiment: Analyst opinion remains generally favorable, with a consensus “Moderate Buy” rating, although several firms have reduced price targets. This suggests confidence in Corning’s longer-term prospects but greater caution about valuation and execution.
• Negative Sentiment: Broader weakness in growth and AI-linked technology stocks, alongside higher bond yields and oil prices, appears to have encouraged profit-taking after Corning’s earlier rally. Corning slides as investors appear to take profits amid a weaker tech tape
• Negative Sentiment: Executive Vice President Lewis Steverson sold 13,100 shares for approximately $2.0 million, reducing his holdings by about 46.5%. The filing may have added to investor caution, particularly because recent insider activity has consisted of sales rather than purchases. SEC Form 4 insider sale

Corning Stock Down 2.1%

Corning stock opened at $145.61 on Wednesday. The business's 50-day moving average price is $169.00 and its 200 day moving average price is $165.07. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm has a market cap of $125.43 billion, a price-to-earnings ratio of 66.49, a price-to-earnings-growth ratio of 1.90 and a beta of 1.14. Corning Incorporated has a 52 week low of $66.14 and a 52 week high of $271.78.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $4.63 billion. During the same period in the previous year, the company posted $0.60 earnings per share. Corning's revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current 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 paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, August 31st. Corning's payout ratio is currently 51.14%.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm's stock in a transaction on Tuesday, June 9th. The shares were 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.25% of the company's stock.

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.

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.