Capital Research Global Investors Purchases New Stake in Corning Incorporated $GLW

Key Points

• Capital Research Global Investors bought a new stake of 11,058,929 shares in Corning (NYSE:GLW) during Q3, worth about $907.2 million
• Wall Street sentiment is broadly positive with multiple price-target raises (UBS $160, Morgan Stanley $127, JPMorgan $115) and an overall "Moderate Buy" consensus and an average target of about $125.42.
• At the same time, insiders have been selling: CEO Wendell P. Weeks sold 137,514 shares (reducing his stake by 15.48%), and insiders disposed of 233,201 shares worth ~$32.6 million in the past three months.

Capital Research Global Investors acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,058,929 shares of the electronics maker's stock, valued at approximately $907,164,000. Capital Research Global Investors owned 1.29% of Corning at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Corning by 0.8% during the third quarter. Vanguard Group Inc. now owns 98,702,639 shares of the electronics maker's stock worth $8,096,577,000 after buying an additional 750,530 shares in the last quarter. State Street Corp lifted its position in shares of Corning by 1.4% in the second quarter. State Street Corp now owns 36,568,973 shares of the electronics maker's stock valued at $1,923,162,000 after buying an additional 509,013 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Corning by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker's stock valued at $1,018,629,000 after purchasing an additional 112,739 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Corning by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after acquiring an additional 1,036,988 shares during the period. Finally, Norges Bank bought a new stake in Corning in the 2nd quarter valued at $534,936,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GLW. JPMorgan Chase & Co. upped their price target on shares of Corning from $100.00 to $115.00 and gave the stock an "overweight" rating in a report on Wednesday, January 28th. Fox Advisors cut shares of Corning from an "overweight" rating to an "equal weight" rating in a research report on Thursday, January 29th. Morgan Stanley raised their price target on shares of Corning from $103.00 to $127.00 and gave the stock an "equal weight" rating in a report on Monday, February 23rd. HSBC reaffirmed a "buy" rating and set a $135.00 target price on shares of Corning in a research note on Friday, February 13th. Finally, UBS Group upped their price objective on shares of Corning from $125.00 to $160.00 and gave the company a "buy" rating in a report on Friday, February 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $125.42.

Insider Transactions at Corning

In related news, CEO Wendell P. Weeks sold 137,514 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $155.37, for a total transaction of $21,365,550.18. Following the sale, the chief executive officer directly owned 750,585 shares of the company's stock, valued at $116,618,391.45. This trade represents a 15.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 15,366 shares of Corning stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $130.22, for a total value of $2,000,960.52. Following the completion of the sale, the executive vice president directly owned 3,461 shares of the company's stock, valued at $450,691.42. The trade was a 81.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 233,201 shares of company stock worth $32,614,558. 0.32% of the stock is owned by insiders.

Corning Stock Performance

Corning stock opened at $128.84 on Tuesday. The firm has a market capitalization of $110.53 billion, a PE ratio of 70.02, a price-to-earnings-growth ratio of 2.13 and a beta of 1.04. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $162.10. The firm's 50 day simple moving average is $114.30 and its 200 day simple moving average is $93.65. The company has a current ratio of 1.59, a quick ratio of 1.04 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The electronics maker reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.01. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.35 billion. Corning had a net margin of 10.21% and a return on equity of 18.72%. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 EPS. Corning has set its Q1 2026 guidance at 0.660-0.700 EPS. As a group, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Friday, February 27th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 27th. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. Corning's payout ratio is currently 60.87%.

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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