Cannell & Spears LLC Sells 15,720 Shares of Corning Incorporated $GLW

Key Points

• Cannell & Spears LLC reduced its Corning stake by 17.8% in the first quarter, selling 15,720 shares and leaving it with 72,767 shares valued at about $9.89 million.
• Insider selling was notable last quarter, including large sales by SVPs Jaymin Amin and Michaune D. Tillman; insiders sold 160,655 shares total worth about $30.7 million.
• Corning beat earnings expectations in its latest quarter, reporting $0.70 EPS on $4.34 billion in revenue, and analysts remain moderately bullish with several price target hikes and a consensus rating of “Moderate Buy.”

Cannell & Spears LLC cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 72,767 shares of the electronics maker's stock after selling 15,720 shares during the quarter. Cannell & Spears LLC's holdings in Corning were worth $9,894,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of GLW. Berbice Capital Management LLC bought a new position in Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $26,000. MBM Wealth Consultants LLC bought a new stake in shares of Corning during the first quarter worth $42,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Corning during the fourth quarter worth $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new stake in shares of Corning during the fourth quarter worth $31,000. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Corning 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 transaction of $5,263,675.30. Following the sale, the senior vice president directly owned 94,400 shares of the company's stock, valued at approximately $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michaune D. Tillman sold 3,260 shares of the stock in a transaction on Monday, May 11th. The shares were 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 owned 10,174 shares of the company's stock, valued at approximately $2,106,221.48. This represents a 24.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 160,655 shares of company stock worth $30,692,560 in the last quarter. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research analyst reports. UBS Group set a $243.00 target price on shares of Corning in a research note on Monday, July 6th. JPMorgan Chase & Co. lifted their price target on Corning from $175.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Barclays upped their price objective on Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Oppenheimer increased their price objective on Corning from $210.00 to $230.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Finally, Mizuho lifted their target price on Corning from $220.00 to $270.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $194.69.

Corning Stock Down 6.1%

Shares of GLW stock opened at $146.57 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1 year low of $54.89 and a 1 year high of $271.78. The firm's fifty day moving average price is $188.01 and its two-hundred day moving average price is $155.14. The firm has a market capitalization of $126.14 billion, a P/E ratio of 70.13, a PEG ratio of 2.05 and a beta of 1.09.

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, beating the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company had revenue of $4.34 billion during the quarter, compared to analysts' expectations of $4.30 billion. During the same quarter last year, the company earned $0.54 EPS. 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. On average, equities analysts predict that Corning Incorporated will post 3.18 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid 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 0.8%. Corning's dividend payout ratio is currently 53.59%.

Corning 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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