AssuredPartners Investment Advisors LLC Acquires Shares of 28,294 Corning Incorporated $GLW

Key Points

• AssuredPartners Investment Advisors acquired 28,294 Corning shares worth approximately $7.2 million during the second quarter. Several other institutional investors also initiated positions, and institutions now own 69.8% of Corning’s stock.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $174.08, despite several recent target-price cuts.
• Corning exceeded quarterly expectations with $0.78 in EPS and $4.74 billion in revenue, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, equal to a 0.7% annualized yield.

AssuredPartners Investment Advisors LLC bought a new position in Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 28,294 shares of the electronics maker's stock, valued at approximately $7,227,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Johnson Financial Group Inc. purchased a new stake in shares of Corning during the second quarter valued at approximately $455,000. Tocqueville Asset Management L.P. purchased a new position in Corning in the 2nd quarter worth approximately $44,003,000. one8zero8 LLC purchased a new position in Corning in the 2nd quarter worth approximately $5,377,000. Addison Advisors LLC bought a new position in Corning in the 2nd quarter valued at approximately $99,000. Finally, West Family Investments Inc. bought a new position in Corning in the 2nd quarter valued at approximately $466,000. Institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on GLW shares. Citigroup reduced their target price on Corning from $240.00 to $220.00 and set a "buy" rating for the company in a report on Wednesday, July 29th. Zacks Research downgraded Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Wall Street Zen cut Corning from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Barclays reduced their price objective on Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Eleven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Down 4.6%

GLW stock opened at $152.52 on Thursday. Corning Incorporated has a fifty-two week low of $63.37 and a fifty-two week high of $271.78. The business's 50-day moving average is $175.94 and its two-hundred day moving average is $163.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The company has a market cap of $131.38 billion, a price-to-earnings ratio of 69.64, a P/E/G ratio of 2.05 and a beta of 1.14.

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

Corning Dividend Announcement

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

Insider Activity at Corning

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.25% of the company's stock.

About Corning

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