Canandaigua National Bank & Trust Co. Takes Position in Corning Incorporated $GLW

Key Points

• Canandaigua National Bank & Trust acquired 18,509 Corning shares during the second quarter, valued at approximately $4.73 million. Institutional investors and hedge funds collectively own 69.8% of GLW.
• Corning exceeded quarterly expectations with EPS of $0.78 versus $0.76 expected and revenue of $4.74 billion, up 17.1% year over year. Management guided third-quarter EPS to $0.85–$0.89.
• Analyst sentiment remains moderately positive, with a “Moderate Buy” consensus and average price target of $174.08, although several firms recently cut targets. Key risks include China-related trade restrictions, potential polysilicon tariffs, and substantial insider selling.

Canandaigua National Bank & Trust Co. acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 18,509 shares of the electronics maker's stock, valued at approximately $4,728,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Brighton Jones LLC grew its holdings in shares of Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after acquiring an additional 2,114 shares during the period. Retirement Planning Co of New England Inc. acquired a new stake in Corning in the first quarter valued at $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Corning by 9.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker's stock valued at $2,962,000 after buying an additional 5,522 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Corning in the 2nd quarter worth about $401,000. Finally, Schnieders Capital Management LLC. purchased a new position in Corning during the 2nd quarter valued at about $266,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

More Corning News

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Truist upgraded Corning to Buy: The firm said July’s sharp sell-off created an attractive entry point, helping revive investor interest in Corning’s optical networking and specialty-glass businesses. Corning upgraded by Truist, firm says pullback provides opportunity
• Positive Sentiment: Potential China restrictions are viewed as a catalyst for some suppliers: Reports that China may restrict imports of certain data-center components have lifted several optical and networking stocks, including Corning. Investors may be anticipating changes in sourcing, competition, or demand for Corning’s optical infrastructure products. Marvell, Corning, and Lumentum Stocks Surge on Report of China Import Ban
• Positive Sentiment: Analysts see substantial upside: A report highlighted an average Wall Street price target of $193.40, while other coverage points to artificial-intelligence infrastructure, solar, and automotive demand as longer-term growth drivers. Corning Dropped 25% Over a Month: A Major U.S. Bank Expects 66% Gains Over The Near Term
• Neutral Sentiment: Recent earnings provide support: Corning exceeded quarterly revenue and earnings expectations, with revenue up 17.1% year over year, and guided to third-quarter earnings of $0.85–$0.89 per share. The strong results support the recovery narrative, though the stock’s elevated valuation leaves less room for disappointment.
• Negative Sentiment: Polysilicon tariffs and China-related curbs remain risks: Potential U.S. tariffs or a polysilicon price floor could raise costs or pressure Corning’s solar and semiconductor-materials businesses. China restrictions could also disrupt customers and supply chains, making the immediate effect on earnings difficult to assess. Corning Faces New Questions As Polysilicon Tariffs And China Curbs Loom

Corning Price Performance

GLW opened at $159.93 on Wednesday. Corning Incorporated has a 1 year low of $63.07 and a 1 year high of $271.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The company's 50 day simple moving average is $181.24 and its 200 day simple moving average is $158.13. The stock has a market capitalization of $137.76 billion, a PE ratio of 73.03, a P/E/G ratio of 1.89 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly 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. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm's revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, sell-side analysts expect that Corning Incorporated will post 3.26 EPS for the current year.

Corning Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 0.7%. Corning's payout ratio is presently 51.14%.

Insider Buying and Selling

In other news, SVP Jaymin Amin sold 27,395 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the transaction, the senior vice president directly owned 94,400 shares in the company, valued at approximately $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction on Monday, May 11th. The stock was sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the sale, the senior vice president directly owned 25,570 shares in the company, valued at $5,273,301.10. This trade represents a 43.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 160,655 shares of company stock valued at $30,692,560 over the last ninety days. Insiders own 0.25% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on GLW. Truist Financial raised shares of Corning from a "hold" rating to a "buy" rating and reduced their price target for the company from $205.00 to $175.00 in a report on Sunday. Wall Street Zen upgraded Corning from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Oppenheimer dropped their price objective on Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. Weiss Ratings lowered shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, July 24th. Finally, Barclays decreased their target price on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a research 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 stock. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average price target of $174.08.

About Corning

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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