Corning Incorporated $GLW Position Raised by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners boosted its Corning stake by 27.2% in the fourth quarter, adding 5,378 shares to bring its total to 25,155 shares valued at about $2.2 million.
• Wall Street sentiment on Corning is broadly positive, with several firms raising price targets and analysts assigning a consensus rating of Moderate Buy and an average target price of $177.92.
• Corning reported better-than-expected quarterly results, including EPS of $0.70 and revenue of $4.35 billion, while also announcing a quarterly dividend of $0.28 per share payable on June 29.

Convergence Investment Partners LLC raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 27.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 25,155 shares of the electronics maker's stock after buying an additional 5,378 shares during the quarter. Convergence Investment Partners LLC's holdings in Corning were worth $2,203,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Corning in the third quarter valued at $25,000. Strengthening Families & Communities LLC bought a new stake in Corning in the third quarter valued at $27,000. Cornerstone Planning Group LLC lifted its stake in Corning by 58.5% in the third quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock valued at $30,000 after buying an additional 124 shares during the last quarter. JPL Wealth Management LLC bought a new stake in Corning in the third quarter valued at $33,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in Corning in the fourth quarter valued at $35,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GLW shares. Barclays raised their target price on Corning from $149.00 to $180.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Zacks Research upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, February 17th. Truist Financial lifted their price objective on shares of Corning from $125.00 to $149.00 and gave the company a "hold" rating in a research note on Wednesday, April 29th. Finally, Susquehanna lifted their price objective on shares of Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $177.92.

Insider Buying and Selling at Corning

In other news, SVP Michaune D. Tillman sold 3,260 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares in the company, valued at approximately $2,106,221.48. This trade represents a 24.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 137,514 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $116,618,391.45. This trade represents a 15.48% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 170,774 shares of company stock worth $28,148,435. Company insiders own 0.25% of the company's stock.

Corning Price Performance

Shares of Corning stock opened at $192.18 on Friday. Corning Incorporated has a 52 week low of $47.40 and a 52 week high of $211.79. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. The stock has a market cap of $165.40 billion, a PE ratio of 91.95, a price-to-earnings-growth ratio of 2.98 and a beta of 1.14. The company's 50-day moving average price is $156.22 and its two-hundred day moving average price is $119.68.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders 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 dividend yield of 0.6%. Corning's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.