Bank of America Corp DE Sells 2,882,869 Shares of Corning Incorporated $GLW

Key Points

• Bank of America reduced its Corning stake by 16.6%, selling 2.88 million shares during the first quarter while retaining 14.5 million shares valued at approximately $1.97 billion. Institutional investors and hedge funds collectively own 69.8% of Corning.
• Corning reported stronger-than-expected quarterly results, with adjusted EPS of $0.78 versus the $0.76 consensus and revenue up 17.1% year over year to $4.74 billion. Management cited continued demand for optical fiber and connectivity products supporting AI data centers.
• Analyst sentiment remains cautiously positive, with a consensus “Moderate Buy” rating and average price target of $176.38, although several firms recently cut their targets. Corning also declared a quarterly dividend of $0.28 per share, representing an annualized yield of about 0.8%.

Bank of America Corp DE lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 16.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,499,109 shares of the electronics maker's stock after selling 2,882,869 shares during the period. Bank of America Corp DE owned 1.68% of Corning worth $1,971,444,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Merit Financial Group LLC grew its stake in shares of Corning by 16.9% in the 4th quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker's stock worth $3,940,000 after purchasing an additional 6,493 shares during the last quarter. Security National Bank lifted its stake in Corning by 340.4% during the fourth quarter. Security National Bank now owns 72,523 shares of the electronics maker's stock valued at $6,350,000 after purchasing an additional 56,056 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Corning by 1.2% during the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock valued at $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC boosted its holdings in Corning by 36.2% during the first quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock worth $12,567,000 after buying an additional 24,589 shares in the last quarter. Finally, RiverFront Investment Group LLC boosted its holdings in Corning by 65.4% during the fourth quarter. RiverFront Investment Group LLC now owns 14,718 shares of the electronics maker's stock worth $1,289,000 after buying an additional 5,818 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corning

In related news, SVP Michaune D. Tillman sold 3,260 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the transaction, the senior vice president owned 10,174 shares of the company's stock, valued at approximately $2,106,221.48. This trade represents a 24.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of the firm's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the transaction, the senior vice president owned 25,570 shares in the company, valued at $5,273,301.10. This represents a 43.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 160,655 shares of company stock valued at $30,692,560 in the last ninety days. 0.25% of the stock is currently owned by insiders.

Key Headlines Impacting Corning

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning reported adjusted second-quarter earnings of $0.78 per share versus the $0.76 consensus estimate, while revenue rose 17.1% year over year to $4.74 billion, ahead of expectations. Corning Stock Crashes on Earnings, But the Sell-Off Looks Overdone
• Positive Sentiment: Management highlighted sustained demand for optical fiber, cables and connectors used in AI data centers, along with its Springboard strategy to expand sales and profitability. Amazon and Nvidia-related fiber demand remains an important growth catalyst. GLW Q2 Earnings Call Highlights AI Growth Plan
• Positive Sentiment: Strong free cash flow has attracted bullish options activity: unusually heavy short-put trading suggests some investors view the selloff as an attractive entry point and are willing to buy shares at lower prices. Corning Delivers Strong FCF Results, But Investors Play GLW Stock's Drop With an Unusual Short-Put Play
• Positive Sentiment: Citigroup retained a Buy rating despite reducing its price target to $220, indicating analysts still see substantial long-term upside in Corning’s optical and AI infrastructure exposure.

Corning Price Performance

GLW opened at $135.43 on Friday. The stock has a fifty day moving average price of $184.02 and a 200 day moving average price of $156.88. The company has a current ratio of 1.81, a quick ratio of 1.06 and a debt-to-equity ratio of 0.59. Corning Incorporated has a 1 year low of $61.44 and a 1 year high of $271.78. The stock has a market cap of $116.56 billion, a price-to-earnings ratio of 61.84, a PEG ratio of 1.62 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $4.63 billion. During the same period in the prior year, the firm posted $0.60 EPS. The business's revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts forecast that Corning Incorporated will post 3.22 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning's dividend payout ratio is currently 51.14%.

Analysts Set New Price Targets

Several research firms have issued reports on GLW. Mizuho dropped their price target on Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. reduced their price objective on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research note on Wednesday. Barclays decreased their target price on Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a report on Wednesday. Susquehanna boosted their target price on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings downgraded Corning from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, July 24th. Nine research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $176.38.

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.

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