Bank of America Corp DE Acquires 4,231,507 Shares of Corning Incorporated $GLW

Bank of America Corp DE grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 29.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,730,616 shares of the electronics maker's stock after purchasing an additional 4,231,507 shares during the period. Bank of America Corp DE owned about 2.17% of Corning worth $4,784,361,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in GLW. Berkshire Capital Holdings Inc. raised its position in shares of Corning by 3.0% in the 2nd quarter. Berkshire Capital Holdings Inc. now owns 88,230 shares of the electronics maker's stock worth $22,537,000 after acquiring an additional 2,540 shares in the last quarter. Blodgett Wealth Advisors LLC purchased a new position in shares of Corning in the 2nd quarter worth approximately $224,000. Hhlr Advisors LTD. bought a new position in shares of Corning during the 2nd quarter worth approximately $2,622,000. Magnolia Capital Advisors LLC purchased a new stake in shares of Corning during the 2nd quarter valued at $1,712,000. Finally, Vantage Point Financial LLC acquired a new stake in shares of Corning in the 2nd quarter worth $238,000. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of Corning stock opened at $143.63 on Tuesday. The firm has a market cap of $123.72 billion, a PE ratio of 65.58, a P/E/G ratio of 2.13 and a beta of 1.16. Corning Incorporated has a twelve month low of $76.15 and a twelve month high of $271.78. 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 business has a 50-day moving average price of $157.60 and a 200 day moving average price of $166.33.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. During the same period in the prior year, the business posted $0.60 earnings per share. The firm'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. Sell-side analysts predict that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning's dividend payout ratio is 51.14%.

Key Stories Impacting Corning

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning’s underlying growth outlook remains strong. Recent results showed higher revenue and earnings, led by Optical Communications and Solar, while enterprise sales and solar revenue reportedly grew sharply year over year. Analysts cited the company’s optical-interconnect opportunity, customer partnerships and long-term sales targets as reasons the stock’s valuation may become more attractive after the decline. Corning: AI-Slowdown Fears, Equity Distribution News Hit Hard, EPS Growth Remains
• Neutral Sentiment: The at-the-market program is optional, meaning Corning does not necessarily need to sell the full amount immediately. Management could use the proceeds to expand manufacturing capacity and support growth in optical connectivity, but the timing and ultimate amount of share issuance remain uncertain. Corning Tumbles on $2 Billion At-the-Market Equity Offering
• Negative Sentiment: The equity distribution announcement created a dilution overhang and overshadowed Corning’s earnings growth. Investors are also reassessing elevated valuation levels and the risk that AI-related demand for optical components could moderate. Recent insider activity showing sales without reported purchases may further weigh on sentiment. Corning Tumbles on $2 Billion Equity Offering

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred 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 owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GLW shares. Zacks Research downgraded Corning from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. Weiss Ratings cut Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Bank of America lifted their target price on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Oppenheimer dropped their target price on shares of Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 29th. Finally, UBS Group reaffirmed a "buy" rating and issued a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $178.64.

Corning Company Profile

Corning Incorporated NYSE: GLW is a global materials science and technology company that develops specialty glass, ceramics and optical fiber products. Founded in 1851 and headquartered in Corning, New York, the company combines expertise in glass science, ceramics science, optical physics and manufacturing to serve communications, consumer electronics, automotive, life sciences and other industrial markets.

Corning's products include optical fiber, cable and hardware used in telecommunications networks; cover glass and other components for mobile devices, laptops and other electronics; display glass for televisions and computer monitors; emissions-control products for automobiles and trucks; laboratory vessels and equipment; and specialty glass and ceramic products for industrial, semiconductor and aerospace applications.

The company serves customers worldwide through manufacturing, research and commercial operations across North America, Europe and Asia.

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