Corning Incorporated $GLW Shares Sold by Gamco Investors INC. ET AL

Key Points

• Gamco Investors cut its Corning stake by 19.1% in the first quarter, selling 36,756 shares and leaving it with 155,838 shares worth about $21.2 million.
• Analysts remain broadly positive on GLW: the stock carries a Moderate Buy consensus, with nine Buy ratings and seven Hold ratings, and an average price target of $194.69.
• Corning reported better-than-expected quarterly results, with EPS of $0.70 on revenue of $4.34 billion, and it also announced a quarterly dividend of $0.28 per share, payable Sept. 29.

Gamco Investors INC. ET AL reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 19.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 155,838 shares of the electronics maker's stock after selling 36,756 shares during the quarter. Gamco Investors INC. ET AL's holdings in Corning were worth $21,189,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Signature Equity Partners LLC grew its holdings in shares of Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker's stock worth $52,000 after purchasing an additional 62 shares during the period. Beirne Wealth Consulting Services LLC lifted its holdings in shares of Corning by 0.8% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker's stock valued at $1,094,000 after acquiring an additional 64 shares in the last quarter. Balefire LLC boosted its position in Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker's stock worth $1,305,000 after purchasing an additional 65 shares during the period. Millstone Evans Group LLC boosted its position in Corning by 1.3% during the 1st quarter. Millstone Evans Group LLC now owns 5,393 shares of the electronics maker's stock worth $733,000 after purchasing an additional 67 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in Corning by 1.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker's stock valued at $623,000 after purchasing an additional 70 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GLW shares. JPMorgan Chase & Co. boosted their price objective on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Oppenheimer upped their target price on shares of Corning from $210.00 to $230.00 and gave the company an "outperform" rating in a research note on Tuesday, July 7th. Barclays raised their price target on shares of Corning from $149.00 to $180.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Mizuho lifted their price target on shares of Corning from $220.00 to $270.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Finally, UBS Group set a $243.00 price objective on shares of Corning in a report on Monday, July 6th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average price target of $194.69.

Insider Transactions at Corning

In other Corning news, SVP Jaymin Amin sold 27,395 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the sale, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Michaune D. Tillman sold 3,260 shares of Corning stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $207.02, for a total value of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares of the company's stock, valued at approximately $2,106,221.48. The trade was a 24.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 160,655 shares of company stock valued at $30,692,560 over the last 90 days. Corporate insiders own 0.25% of the company's stock.

Corning Price Performance

GLW stock opened at $146.57 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $54.89 and a 52-week high of $271.78. The stock's 50 day moving average is $188.01 and its two-hundred day moving average is $155.14. The company has a market capitalization of $126.14 billion, a PE ratio of 70.13, a P/E/G ratio of 1.93 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.Corning's quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Analysts predict that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) is 53.59%.

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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