Conning Inc. Has $31.93 Million Holdings in Corning Incorporated $GLW

Key Points

• Conning Inc. cut its Corning stake by 21% in the fourth quarter, selling 97,110 shares and leaving it with 364,665 shares valued at about $31.93 million.
• Wall Street sentiment remains positive: several firms raised price targets, and the stock currently carries a consensus rating of Moderate Buy with a consensus target of $177.92.
• Corning reported better-than-expected Q1 results, with EPS of $0.70 on revenue of $4.35 billion, and it also announced a quarterly dividend of $0.28 per share payable June 29.

Conning Inc. trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 21.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 364,665 shares of the electronics maker's stock after selling 97,110 shares during the period. Conning Inc.'s holdings in Corning were worth $31,930,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Corning by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock valued at $8,693,247,000 after acquiring an additional 580,678 shares during the last quarter. State Street Corp lifted its stake in Corning by 1.2% during the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock worth $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Corning by 30.3% in the 3rd quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock valued at $1,358,211,000 after purchasing an additional 3,848,540 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Corning by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after purchasing an additional 1,036,988 shares during the last quarter. Finally, Capital Research Global Investors bought a new position in shares of Corning in the 3rd quarter valued at $907,164,000. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GLW shares. Bank of America upped their price objective on Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Truist Financial boosted their target price on Corning from $125.00 to $149.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. Mizuho increased their target price on shares of Corning from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Tuesday. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Corning from $175.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $177.92.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 137,514 shares of Corning stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $155.37, for a total transaction of $21,365,550.18. Following the transaction, the chief executive officer owned 750,585 shares in the company, valued at approximately $116,618,391.45. The trade was a 15.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 10,000 shares of Corning stock in a transaction on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the transaction, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. This trade represents a 66.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 170,774 shares of company stock valued at $28,148,435. 0.25% of the stock is owned by insiders.

Corning Trading Up 0.8%

Shares of GLW stock opened at $208.07 on Friday. Corning Incorporated has a twelve month low of $46.83 and a twelve month high of $211.79. The stock's fifty day simple moving average is $155.27 and its 200 day simple moving average is $119.17. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $179.07 billion, a P/E ratio of 99.55, a P/E/G ratio of 2.96 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business's quarterly revenue was up 18.1% on a year-over-year basis. During the same period last year, the company earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, sell-side analysts predict that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 29th. This represents a $1.12 annualized dividend and a yield of 0.5%. Corning's dividend payout ratio (DPR) is currently 53.59%.

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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