Corning Incorporated $GLW Shares Sold by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC cut its Corning stake by 87.5% in the third quarter, selling 15,840 shares and retaining 2,258 shares valued at approximately $347,000.
• Despite SteelPeak’s reduction, major institutions including State Street, Bank of America, and Wellington Management increased their holdings; institutional investors collectively own 69.8% of Corning.
• Corning reported quarterly earnings and revenue above analyst expectations, while analysts maintain a “Moderate Buy” consensus with an average price target of $177.56. The company also declared a quarterly dividend of $0.28 per share, yielding about 0.8%.

SteelPeak Wealth LLC trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 87.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,258 shares of the electronics maker's stock after selling 15,840 shares during the quarter. SteelPeak Wealth LLC's holdings in Corning were worth $347,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its position in Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock valued at $10,500,315,000 after buying an additional 4,845,027 shares during the last quarter. Bank of America Corp DE increased its holdings in Corning by 29.2% in the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the period. Wellington Management Group LLP increased its holdings in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock worth $3,365,084,000 after buying an additional 4,446,514 shares during the period. Bank of New York Mellon Corp purchased a new position in Corning during the 2nd quarter worth approximately $1,510,911,000. Finally, Legal & General Group Plc purchased a new position in Corning during the 2nd quarter worth approximately $1,212,283,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

Shares of GLW stock opened at $132.16 on Wednesday. Corning Incorporated has a 52-week low of $77.39 and a 52-week high of $271.78. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The stock has a market cap of $113.84 billion, a PE ratio of 60.35, a price-to-earnings-growth ratio of 1.69 and a beta of 1.13. The business has a 50-day simple moving average of $153.14 and a 200-day simple moving average of $168.85.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%. Corning's revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period last year, the company earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities analysts expect that Corning Incorporated will post 3.29 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date is Friday, November 13th. Corning's dividend payout ratio is currently 51.14%.

Insider Buying and Selling

In other news, EVP Lewis Steverson sold 13,100 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares of the company's stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Sanford C. Bernstein assumed coverage on shares of Corning in a research note on Wednesday, September 30th. They set a "market perform" rating and a $140.00 price objective for the company. Oppenheimer dropped their price objective on shares of Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Mizuho reduced their target price on shares of Corning from $210.00 to $180.00 and set an "outperform" rating for the company in a report on Tuesday, September 15th. Finally, Citigroup reduced their target price on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a report on Wednesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $177.56.

About Corning

Corning Incorporated NYSE: GLW is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company's products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.

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