Castle Rock Wealth Management LLC purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 11,558 shares of the electronics maker's stock, valued at approximately $2,952,000.
Several other hedge funds also recently added to or reduced their stakes in GLW. Norges Bank purchased a new stake in shares of Corning in the fourth quarter worth about $921,435,000. Capital Research Global Investors raised its holdings in shares of Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after buying an additional 5,831,873 shares during the period. Polar Capital Holdings Plc lifted its position in Corning by 141.2% during the 3rd quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock worth $329,035,000 after acquiring an additional 2,348,125 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Corning by 102.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker's stock worth $399,505,000 after acquiring an additional 2,304,676 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. purchased a new position in Corning in the 4th quarter worth approximately $185,312,000. 69.80% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on the stock. 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 report on Wednesday, July 29th. Bank of America upped their price objective on shares of Corning from $223.00 to $243.00 and gave the company a "buy" rating in a research report on Monday, July 6th. UBS Group restated a "buy" rating and set a $196.00 target price on shares of Corning in a research note on Wednesday, July 29th. Citigroup dropped their target price on Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a research report on Wednesday, July 29th. Finally, Susquehanna boosted their price target on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research note on Wednesday, April 29th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $174.08.
View Our Latest Analysis on GLW
Insider Activity
In other news, 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 transaction, the senior vice president directly owned 25,570 shares in the company, valued at approximately $5,273,301.10. This trade represents a 43.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jaymin Amin sold 27,395 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the sale, the senior vice president directly owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 160,655 shares of company stock worth $30,692,560 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.
Corning Price Performance
Shares of NYSE:GLW opened at $157.45 on Friday. Corning Incorporated has a 52 week low of $63.37 and a 52 week high of $271.78. 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 firm has a market capitalization of $135.63 billion, a P/E ratio of 71.90, a PEG ratio of 2.01 and a beta of 1.14. The firm's 50 day moving average is $180.04 and its two-hundred day moving average is $159.02.
Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the previous year, the business earned $0.60 EPS. The firm's revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current year.
Corning Announces Dividend
The company 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 of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.7%. Corning's payout ratio is presently 51.14%.
About Corning
(
Free Report)
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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