Centaurus Financial Inc. Has $3.29 Million Stake in Corning Incorporated $GLW

Centaurus Financial Inc. raised its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 270.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,863 shares of the electronics maker's stock after buying an additional 9,394 shares during the period. Centaurus Financial Inc.'s holdings in Corning were worth $3,286,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Corning during the fourth quarter valued at approximately $921,435,000. Bank of New York Mellon Corp acquired a new position in shares of Corning during the 2nd quarter worth approximately $1,510,911,000. Capital Research Global Investors raised its stake 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 worth $1,478,959,000 after purchasing an additional 5,831,873 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $1,212,283,000. Finally, Bank of America Corp DE boosted its holdings in shares of Corning by 29.2% in the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock valued at $4,784,361,000 after buying an additional 4,231,507 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

GLW has been the topic of a number of recent analyst reports. Bank of America boosted their target price on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Mizuho decreased their price objective on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. UBS Group restated a "buy" rating and set a $196.00 price objective on shares of Corning in a research note on Wednesday, July 29th. Truist Financial upgraded shares of Corning from a "hold" rating to a "buy" rating and cut their target price for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Finally, Oppenheimer reduced their price target on Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Performance

NYSE GLW opened at $152.72 on Friday. The stock has a market cap of $131.55 billion, a PE ratio of 69.73, a P/E/G ratio of 1.96 and a beta of 1.14. 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 firm has a 50-day moving average of $172.11 and a 200-day moving average of $164.71. Corning Incorporated has a 52-week low of $66.14 and a 52-week high of $271.78.

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, beating analysts' consensus estimates of $0.76 by $0.02. The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning's quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's dividend payout ratio is 51.14%.

Insider Activity

In related news, CEO Wendell P. Weeks sold 100,000 shares of the company'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 sale, the chief executive officer owned 908,353 shares of the company's stock, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.25% of the company's stock.

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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