Canada Pension Plan Investment Board Boosts Holdings in Corning Incorporated $GLW

Key Points

• The Canada Pension Plan Investment Board has increased its stake in Corning Incorporated by 33.4%, owning 395,743 shares valued at approximately $18.1 million as of the latest SEC filing.
• Corning reported earnings of $0.60 per share for the last quarter, surpassing analysts' expectations and achieving a revenue of $3.86 billion.
• The company has announced a quarterly dividend of $0.28 per share to be paid on September 29th, indicating a yield of 1.7% and a payout ratio of 119.15%.

Canada Pension Plan Investment Board raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 33.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 395,743 shares of the electronics maker's stock after buying an additional 99,066 shares during the period. Canada Pension Plan Investment Board's holdings in Corning were worth $18,117,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in shares of Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after acquiring an additional 80,872 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Corning by 4.8% in the first quarter. Invesco Ltd. now owns 6,337,063 shares of the electronics maker's stock worth $290,111,000 after buying an additional 288,328 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Corning by 6.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock worth $251,190,000 after acquiring an additional 303,607 shares during the last quarter. Deutsche Bank AG boosted its position in Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after acquiring an additional 1,037,875 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after acquiring an additional 1,483,151 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Transactions at Corning

In other news, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. The trade was a 29.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 163,950 shares of company stock worth $10,449,192. Insiders own 0.32% of the company's stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research reports. Oppenheimer reissued an "outperform" rating and issued a $72.00 target price (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Argus reissued a "buy" rating and set a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. UBS Group upgraded Corning from a "neutral" rating to a "buy" rating and upped their target price for the company from $65.00 to $84.00 in a report on Tuesday, September 2nd. Wolfe Research began coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, Morgan Stanley set a $56.00 price objective on shares of Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Corning Stock Up 2.0%

NYSE:GLW traded up $1.39 during trading hours on Friday, hitting $71.11. The company's stock had a trading volume of 9,071,696 shares, compared to its average volume of 5,529,825. The stock has a fifty day moving average of $60.60 and a 200-day moving average of $51.67. The stock has a market capitalization of $60.91 billion, a P/E ratio of 75.65, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $71.40. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter last year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is presently 119.15%.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.