Buffalo Business & Estate Services Ltd. Takes $756,000 Position in Corning Incorporated $GLW

Key Points

• Buffalo Business & Estate Services Ltd. opened a new position in Corning, buying 5,558 shares valued at about $756,000 in the first quarter.
• Corning reported strong quarterly results, with EPS of $0.70 versus estimates of $0.69 and revenue of $4.34 billion, up 18.1% year over year.
• The company also raised its quarterly dividend to $0.28 per share, while analysts currently rate the stock a Moderate Buy with a consensus target price of $182.62.

Buffalo Business & Estate Services Ltd. bought a new position in Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 5,558 shares of the electronics maker's stock, valued at approximately $756,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Vanguard Group Inc. boosted its position in Corning by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock worth $8,693,247,000 after purchasing an additional 580,678 shares during the last quarter. State Street Corp increased its position in shares of Corning by 1.2% during the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Corning by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock valued at $1,781,250,000 after purchasing an additional 517,067 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Corning by 52.7% in the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Corning by 30.3% in the 3rd 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 during the period. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 7.5%

Shares of GLW stock opened at $209.61 on Tuesday. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $180.40 billion, a price-to-earnings ratio of 100.29, a price-to-earnings-growth ratio of 2.79 and a beta of 1.15. Corning Incorporated has a 12-month low of $50.26 and a 12-month high of $212.39. The stock's 50-day moving average price is $181.42 and its 200-day moving average price is $138.52.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating 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 firm had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same period last year, the firm posted $0.54 earnings per share. Corning's revenue for the quarter was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities research analysts predict that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Friday, May 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, May 29th. Corning's payout ratio is 53.59%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley set a $180.00 price objective on shares of Corning in a research report on Friday, May 8th. Bank of America raised their target price on Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Mizuho boosted their price target on Corning from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Tuesday, May 12th. JPMorgan Chase & Co. upped their price target on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Finally, Citigroup raised their price objective on Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $182.62.

Insider Buying and Selling at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of the business's stock in a transaction 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. The trade was a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the sale, the senior vice president owned 25,570 shares in the company, valued at approximately $5,273,301.10. The trade was a 43.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 160,655 shares of company stock valued at $30,692,560. 0.25% of the stock is owned by company insiders.

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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