Corning Incorporated $GLW Shares Sold by Van ECK Associates Corp

Key Points

• Van ECK Associates cut its Corning stake by 97.1% in the second quarter, selling 90,613 shares and retaining 2,669 shares worth approximately $682,000. Institutional investors still own 69.8% of Corning.
• Corning insiders also reduced their holdings, with EVP Lewis Steverson selling 13,100 shares and CEO Wendell Weeks selling 100,000 shares. Company insiders own approximately 0.25% of the stock.
• Analyst sentiment remains cautiously positive: Corning has a consensus “Moderate Buy” rating and a $174.08 price target, despite several recent target cuts. The company exceeded quarterly earnings and revenue estimates and declared a quarterly dividend of $0.28 per share.

Van ECK Associates Corp lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 97.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,669 shares of the electronics maker's stock after selling 90,613 shares during the period. Van ECK Associates Corp's holdings in Corning were worth $682,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Atwood & Palmer Inc. acquired a new stake in Corning in the second quarter valued at $26,000. Burk Holdings LLC acquired a new position in shares of Corning during the 2nd quarter worth $53,000. Delos Wealth Advisors LLC acquired a new stake in Corning in the 2nd quarter valued at about $55,000. Aberdeen Wealth Management LLC purchased a new position in Corning during the 2nd quarter valued at about $57,000. Finally, Caitlin John LLC acquired a new position in Corning during the second quarter worth about $64,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wendell Weeks sold 100,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the sale, the chief executive officer owned 908,353 shares of the company's stock, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley reduced their price target on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Zacks Research cut Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Barclays cut their target price on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 29th. Weiss Ratings cut shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Finally, Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a report on Monday, August 24th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $174.08.

Corning Trading Up 5.6%

Shares of GLW stock opened at $154.22 on Friday. The firm's 50-day simple moving average is $164.74 and its 200-day simple moving average is $165.17. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a 1-year low of $70.06 and a 1-year high of $271.78. The firm has a market cap of $132.84 billion, a P/E ratio of 70.42, a PEG ratio of 1.87 and a beta of 1.16.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. Corning's revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts forecast that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio is presently 51.14%.

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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