Castleark Management LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,470 shares of the electronics maker's stock, valued at approximately $4,718,000.
Several other hedge funds have also made changes to their positions in GLW. Security National Bank grew its stake in shares of Corning by 340.4% in the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker's stock valued at $6,350,000 after buying an additional 56,056 shares in the last quarter. Herbst Group LLC acquired a new stake in Corning in the second quarter valued at approximately $4,474,000. Principal Financial Group Inc. lifted its stake in Corning by 1.2% in the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock valued at $121,483,000 after acquiring an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC lifted its stake in shares of Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock valued at $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Finally, Atlas Wealth LLC lifted its stake in shares of Corning by 137.8% in the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker's stock valued at $1,642,000 after purchasing an additional 6,998 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have commented on GLW shares. Mizuho lowered their target price on shares of Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research note on Monday. Morgan Stanley lowered their price objective on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Truist Financial raised Corning from a "hold" rating to a "buy" rating and cut their price objective for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Finally, Barclays decreased their target price on Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $174.08.
Get Our Latest Analysis on GLW
Corning Stock Up 1.3%
Shares of GLW opened at $147.45 on Wednesday. Corning Incorporated has a 52 week low of $66.14 and a 52 week high of $271.78. The firm has a market capitalization of $127.01 billion, a P/E ratio of 67.33, a P/E/G ratio of 1.86 and a beta of 1.14. The company has a 50-day simple moving average of $173.41 and a 200-day simple moving average of $164.22. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81.
Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. The business had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.Corning's quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities research analysts expect that Corning Incorporated will post 3.27 earnings per share for the current year.
Corning Announces Dividend
The firm 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 $0.28 dividend. 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 51.14%.
Insider Activity
In other news, CEO Wendell P. Weeks sold 100,000 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.25% of the company's stock.
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.
See Also
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).
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