Corning Incorporated $GLW Shares Sold by AGP Franklin LLC

Key Points

• AGP Franklin LLC cut its Corning stake by 16.8% in the first quarter, selling 7,028 shares and ending with 34,872 shares valued at about $4.74 million.
• Corning reported stronger-than-expected quarterly results, posting $0.70 EPS on revenue of $4.34 billion, both slightly ahead of analyst estimates, while revenue rose 18.1% year over year.
• Analysts remain generally bullish on GLW, with ten Buy ratings and six Hold ratings, even as the consensus price target stands at $182.62 versus the stock’s recent move above $209.

AGP Franklin LLC decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 16.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 34,872 shares of the electronics maker's stock after selling 7,028 shares during the quarter. Corning accounts for about 2.4% of AGP Franklin LLC's investment portfolio, making the stock its 11th largest position. AGP Franklin LLC's holdings in Corning were worth $4,742,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Corning in the 3rd quarter valued at $25,000. Berbice Capital Management LLC purchased a new stake in shares of Corning in the fourth quarter valued at $26,000. Basepoint Wealth LLC acquired a new stake in shares of Corning in the fourth quarter worth $26,000. Kemnay Advisory Services Inc. purchased a new position in shares of Corning during the fourth quarter valued at $27,000. Finally, Litman Gregory Wealth Management LLC purchased a new position in shares of Corning during the fourth quarter valued at $31,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 7.5%

Shares of Corning stock opened at $209.61 on Tuesday. The firm has a market cap of $180.40 billion, a price-to-earnings ratio of 100.29, a P/E/G ratio of 2.79 and a beta of 1.15. The stock has a 50-day simple moving average of $181.42 and a 200-day simple moving average of $138.52. Corning Incorporated has a 52-week low of $50.26 and a 52-week high of $212.39. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. The firm's revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts expect that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GLW shares. Weiss Ratings reissued a "buy (b-)" rating on shares of Corning in a research note on Friday, May 15th. Oppenheimer upped their target price on Corning from $120.00 to $210.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. Bank of America increased their price target on shares of Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Mizuho raised their price target on shares of Corning from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Tuesday, May 12th. Finally, UBS Group boosted their price objective on shares of Corning from $223.00 to $228.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.62.

Insider Activity at Corning

In other news, SVP Soumya Seetharam sold 20,000 shares of the business's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the sale, the senior vice president directly owned 25,570 shares in the company, valued at approximately $5,273,301.10. The trade was a 43.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm'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 transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 160,655 shares of company stock valued at $30,692,560. Insiders own 0.25% of the company's stock.

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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