Beacon Pointe Advisors LLC lowered its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 11.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,791 shares of the electronics maker's stock after selling 7,701 shares during the quarter. Beacon Pointe Advisors LLC's holdings in Corning were worth $15,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Security National Bank increased its holdings in shares of Corning by 340.4% in the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker's stock worth $6,350,000 after acquiring an additional 56,056 shares during the period. Herbst Group LLC acquired a new position in Corning during the 2nd quarter valued at about $4,474,000. Principal Financial Group Inc. grew its position in Corning by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock worth $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC grew its position in Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock worth $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Finally, Atlas Wealth LLC increased its stake in shares of Corning by 137.8% in the first quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker's stock valued at $1,642,000 after purchasing an additional 6,998 shares during the period. 69.80% of the stock is owned by institutional investors.
Insider Buying and Selling
In related news, CEO Wendell P. Weeks sold 100,000 shares of the firm's 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 completion of the transaction, the chief executive officer owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company's stock.
Corning Trading Down 2.6%
Corning stock opened at $148.87 on Friday. The firm has a market cap of $128.24 billion, a price-to-earnings ratio of 67.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. Corning Incorporated has a 1 year low of $66.14 and a 1 year high of $271.78. The firm's 50 day moving average price is $171.18 and its two-hundred day moving average price is $164.60. 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 announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 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 quarter in the prior year, the firm earned $0.60 EPS. The company's quarterly 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. On average, research analysts predict that Corning Incorporated will post 3.27 EPS for the current fiscal year.
Corning Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given 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 dividend payout ratio is 51.14%.
Analyst Ratings Changes
A number of research firms have recently weighed in on GLW. UBS Group reaffirmed a "buy" rating and set a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Morgan Stanley cut their target price on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Bank of America boosted their price target on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Truist Financial raised Corning from a "hold" rating to a "buy" rating and decreased their price target for the stock from $205.00 to $175.00 in a research note on Sunday, August 2nd. Finally, Mizuho lowered their price target on Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average price target of $174.08.
Get Our Latest Stock Analysis on Corning
Corning Company Profile
(
Free Report)
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.
See Also
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).
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