Bank of Nova Scotia Buys Shares of 388,394 Corning Incorporated $GLW

Bank of Nova Scotia bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 388,394 shares of the electronics maker's stock, valued at approximately $99,210,000.

A number of other hedge funds have also recently made changes to their positions in GLW. Norges Bank purchased a new stake in shares of Corning in the fourth quarter worth $921,435,000. Bank of New York Mellon Corp bought a new position in Corning in the 2nd quarter worth about $1,510,911,000. Capital Research Global Investors raised its holdings in Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock worth $1,478,959,000 after buying an additional 5,831,873 shares during the last quarter. Deutsche Bank AG purchased a new position in Corning in the second quarter worth about $612,763,000. Finally, Polar Capital Holdings Plc lifted its stake in shares of Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock worth $329,035,000 after buying an additional 2,348,125 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the business'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 completion of the sale, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GLW. Mizuho cut their price target on shares of Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Wall Street Zen lowered shares of Corning from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 16th. Weiss Ratings raised Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 7th. Susquehanna increased their price objective on Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research report on Wednesday, April 29th. Finally, Bank of America lifted their price objective on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Performance

Shares of NYSE GLW opened at $149.91 on Friday. The firm's fifty day moving average is $174.83 and its two-hundred day moving average is $163.35. Corning Incorporated has a 52-week low of $65.09 and a 52-week high of $271.78. The company has a market cap of $129.13 billion, a P/E ratio of 68.45, a P/E/G ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81.

Corning (NYSE:GLW - Get Free Report) last released 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 net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the prior year, the firm earned $0.60 earnings per share. Corning's revenue 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, analysts anticipate that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) is 51.14%.

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.

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