Caisse de depot et placement du Quebec Makes New $70.71 Million Investment in Corning Incorporated $GLW

Key Points

• Caisse de dépôt et placement du Québec initiated a Corning position worth approximately $70.71 million by purchasing 276,832 shares in the second quarter. Institutional investors and hedge funds collectively own 69.8% of GLW.
• Analyst sentiment remains positive but mixed: Corning has a “Moderate Buy” consensus rating from 16 analysts, with a consensus price target of $174.08; recent firms both raised and lowered their targets.
• Corning exceeded quarterly expectations, reporting $0.78 in adjusted EPS and $4.74 billion in revenue, while revenue rose 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share.

Caisse de depot et placement du Quebec bought a new position in Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 276,832 shares of the electronics maker's stock, valued at approximately $70,711,000.

A number of other large investors also recently modified their holdings of GLW. Berbice Capital Management LLC bought a new position in Corning in the 4th quarter valued at $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning during the fourth quarter worth $26,000. Atwood & Palmer Inc. acquired a new position in shares of Corning during the second quarter valued at $26,000. Kemnay Advisory Services Inc. acquired a new position in shares of Corning during the fourth quarter valued at $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in Corning in the fourth quarter valued at about $31,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GLW shares. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a report on Monday. Zacks Research lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Bank of America boosted their price target on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Finally, Citigroup cut their price objective on shares of Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $174.08.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of Corning 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 sale, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

Corning Stock Down 0.0%

NYSE:GLW opened at $152.72 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. The stock has a 50-day moving average price of $172.11 and a two-hundred day moving average price of $164.71. Corning Incorporated has a 1 year low of $66.14 and a 1 year high of $271.78. The stock has a market cap of $131.55 billion, a price-to-earnings ratio of 69.73, a PEG ratio of 1.96 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same period last year, the company posted $0.60 EPS. The business's quarterly 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, equities analysts expect that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Announces Dividend

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 dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning's dividend payout ratio (DPR) is presently 51.14%.

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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