Corning Incorporated $GLW Shares Sold by Grandfield & Dodd LLC

Key Points

• Grandfield & Dodd LLC reduced its Corning stake by 16.7% in the fourth quarter, selling 13,920 shares and leaving it with 69,554 shares valued at about $6.09 million.
• Corning continues to draw strong institutional support, with hedge funds and asset managers holding 69.8% of the stock. Large holders like Vanguard, State Street, Geode, and Wellington all increased their positions.
• Analysts remain mostly bullish on Corning, with an average rating of Moderate Buy and a consensus price target of $177.92, while the company also beat quarterly EPS and revenue estimates and raised its Q2 guidance.

Grandfield & Dodd LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 16.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,554 shares of the electronics maker's stock after selling 13,920 shares during the period. Grandfield & Dodd LLC's holdings in Corning were worth $6,090,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Corning by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock valued at $8,693,247,000 after purchasing an additional 580,678 shares in the last quarter. State Street Corp grew its holdings in Corning by 1.2% during the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after purchasing an additional 439,883 shares in the last quarter. Geode Capital Management LLC grew its holdings in Corning by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock valued at $1,781,250,000 after purchasing an additional 517,067 shares in the last quarter. Wellington Management Group LLP grew its holdings in Corning by 30.3% during 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. Finally, Ameriprise Financial Inc. boosted its stake in Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after acquiring an additional 1,036,988 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Morgan Stanley set a $180.00 price objective on shares of Corning in a research note on Friday, May 8th. HSBC reiterated a "buy" rating and set a $135.00 price objective on shares of Corning in a research note on Friday, February 13th. Susquehanna increased 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. Truist Financial increased 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, Bank of America increased their price objective on shares of Corning from $155.00 to $186.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $177.92.

Corning Trading Down 0.9%

NYSE GLW opened at $181.37 on Friday. The company's fifty day moving average price is $167.47 and its two-hundred day moving average price is $126.60. 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 Incorporated has a 12 month low of $48.88 and a 12 month high of $211.79. The company has a market capitalization of $156.09 billion, a price-to-earnings ratio of 86.78, a price-to-earnings-growth ratio of 2.59 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $4.30 billion. During the same period last year, the firm posted $0.54 EPS. The company'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, research analysts predict that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio (DPR) is 53.59%.

Insider Activity

In related news, SVP Michaune D. Tillman sold 3,260 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $207.02, for a total value of $674,885.20. Following the sale, the senior vice president owned 10,174 shares of the company's stock, valued at $2,106,221.48. This trade represents a 24.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 10,000 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the transaction, the vice president directly owned 5,138 shares in the company, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 60,655 shares of company stock worth $12,046,561 in the last 90 days. 0.25% of the stock is currently owned by insiders.

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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