Commerce Bank Invests $29.09 Million in Corning Incorporated $GLW

Commerce Bank acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 113,871 shares of the electronics maker's stock, valued at approximately $29,086,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Berbice Capital Management LLC bought a new stake in Corning in the fourth quarter worth approximately $26,000. Basepoint Wealth LLC bought a new position in shares of Corning during the 4th quarter worth approximately $26,000. Atwood & Palmer Inc. bought a new position in shares of Corning during the 2nd quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Corning during the 4th quarter worth approximately $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new stake in shares of Corning during the 4th quarter worth approximately $31,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the sale, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GLW. Oppenheimer dropped their target price on shares of Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 29th. UBS Group restated a "buy" rating and issued a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Citigroup decreased their price target on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research note 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 report on Monday, July 6th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $174.08.

Corning Price Performance

Shares of NYSE GLW opened at $149.91 on Friday. Corning Incorporated has a fifty-two week low of $65.09 and a fifty-two week high of $271.78. The stock has a market cap of $129.13 billion, a price-to-earnings ratio of 68.45, a PEG ratio of 1.92 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's 50-day simple moving average is $174.83 and its 200 day simple moving average is $163.35.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The company's quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared 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 is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.7%. Corning's dividend payout ratio is 51.14%.

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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