Concurrent Investment Advisors LLC Grows Position in Corning Incorporated $GLW

Key Points

• Concurrent Investment Advisors more than doubled its Corning position in the second quarter, adding 24,649 shares to hold 48,540 shares valued at approximately $12.4 million. Institutional investors collectively own 69.8% of GLW.
• Corning reported quarterly earnings of $0.78 per share and revenue of $4.74 billion, exceeding analyst estimates, while revenue increased 17.1% year over year. The company guided to third-quarter EPS of $0.85–$0.89.
• Analyst sentiment remains positive but price targets were reduced by several firms; Corning carries a “Moderate Buy” consensus rating with an average target of $174.08. The company also declared a quarterly dividend of $0.28 per share, representing a 0.7% annualized yield.

Concurrent Investment Advisors LLC raised its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 103.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,540 shares of the electronics maker's stock after acquiring an additional 24,649 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Corning were worth $12,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Corning during the 4th quarter valued at about $921,435,000. Bank of New York Mellon Corp bought a new position in shares of Corning during the 2nd quarter valued at approximately $1,510,911,000. Capital Research Global Investors increased its position 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 purchasing an additional 5,831,873 shares during the last quarter. Legal & General Group Plc purchased a new stake in Corning during the 2nd quarter valued at $1,212,283,000. Finally, Wellington Management Group LLP lifted its position in Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock worth $3,365,084,000 after buying an additional 4,446,514 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Wendell Weeks sold 100,000 shares of the business's stock in a transaction on 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 directly owned 908,353 shares of the company's stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The SEC filing for this sale provides additional information. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

GLW has been the topic of a number of research reports. Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a research report on Monday, August 24th. Mizuho lowered their price objective on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. UBS Group reiterated a "buy" rating and set a $196.00 target price on shares of Corning in a report on Wednesday, July 29th. Barclays cut their target price on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 29th. Finally, Morgan Stanley lowered their price target on shares of Corning from $180.00 to $165.00 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $174.08.

Corning Stock Up 5.6%

Corning stock opened at $154.22 on Friday. The firm has a 50 day moving average price of $164.74 and a 200 day moving average price of $165.17. 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 Incorporated has a fifty-two week low of $70.06 and a fifty-two week high of $271.78. The company has a market capitalization of $132.84 billion, a PE ratio of 70.42, a price-to-earnings-growth ratio of 1.87 and a beta of 1.16.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. The company 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 last year, the firm earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts expect that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

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 given a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Corning's dividend payout ratio (DPR) is 51.14%.

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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