Brookstone Capital Management Buys 8,156 Shares of Corning Incorporated $GLW

Key Points

• Brookstone Capital Management increased its Corning stake by 74.8% in the first quarter, adding 8,156 shares to bring its total to 19,055 shares worth about $2.59 million.
• Corning reported better-than-expected quarterly results, with EPS of $0.70 and revenue of $4.34 billion, both slightly above analyst estimates, while revenue rose 18.1% year over year.
• The company also announced a quarterly dividend of $0.28 per share, and analysts remain broadly positive with a consensus rating of "Moderate Buy" and an average price target of $182.62.

Brookstone Capital Management boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 74.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,055 shares of the electronics maker's stock after buying an additional 8,156 shares during the quarter. Brookstone Capital Management's holdings in Corning were worth $2,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Capital Research Global Investors purchased a new stake in Corning during the 3rd quarter worth about $907,164,000. Norges Bank bought a new stake in Corning during the fourth quarter valued at $921,435,000. Wellington Management Group LLP grew its holdings in shares of Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock worth $1,358,211,000 after purchasing an additional 3,848,540 shares in the last quarter. Polar Capital Holdings Plc grew its stake in Corning by 141.2% in the 3rd 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. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Corning by 102.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker's stock valued at $399,505,000 after buying an additional 2,304,676 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of GLW stock opened at $205.91 on Thursday. The company has a market capitalization of $177.21 billion, a price-to-earnings ratio of 98.52, a price-to-earnings-growth ratio of 2.78 and a beta of 1.15. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The company's 50-day moving average is $182.50 and its 200 day moving average is $140.14. Corning Incorporated has a one year low of $51.09 and a one year high of $217.09.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same period in the previous year, the business earned $0.54 EPS. The firm's revenue for the quarter was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Sell-side analysts expect that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio (DPR) is presently 53.59%.

Insider Buying and Selling

In other Corning news, SVP Michaune D. Tillman sold 3,260 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the sale, the senior vice president directly owned 10,174 shares in the company, valued at $2,106,221.48. The trade was a 24.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 160,655 shares of company stock valued at $30,692,560 in the last ninety days. Corporate insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. UBS Group upped their target price on Corning from $223.00 to $228.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Corning in a research report on Friday, May 15th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Truist Financial lifted their target price on shares of Corning from $149.00 to $205.00 and gave the company a "hold" rating in a research note on Monday. Finally, Oppenheimer increased their target price on Corning from $120.00 to $210.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $182.62.

Corning Company 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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