Minneapolis Portfolio Management Group LLC lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 17.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 586,390 shares of the electronics maker's stock after selling 121,277 shares during the period. Corning comprises approximately 5.8% of Minneapolis Portfolio Management Group LLC's investment portfolio, making the stock its largest holding. Minneapolis Portfolio Management Group LLC owned 0.07% of Corning worth $51,344,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of GLW. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Corning in the 3rd quarter worth approximately $25,000. Berbice Capital Management LLC purchased a new stake in Corning in the 4th quarter worth approximately $26,000. Basepoint Wealth LLC purchased a new stake in Corning in the 4th quarter worth approximately $26,000. Strengthening Families & Communities LLC purchased a new stake in Corning in the 3rd quarter worth approximately $27,000. Finally, Cornerstone Planning Group LLC boosted its position in Corning by 58.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock worth $30,000 after purchasing an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.
Corning Stock Down 2.6%
NYSE GLW opened at $176.45 on Tuesday. The business has a fifty day moving average price of $168.33 and a 200 day moving average price of $127.49. Corning Incorporated has a one year low of $49.10 and a one year high of $211.79. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The company has a market cap of $151.86 billion, a P/E ratio of 84.42, a P/E/G ratio of 2.59 and a beta of 1.14.
Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating the consensus estimate 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 $4.35 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the prior year, the company earned $0.54 EPS. The firm's revenue was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Research analysts anticipate that Corning Incorporated will post 3.19 EPS 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 paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio is currently 53.59%.
Wall Street Analyst Weigh In
GLW has been the topic of several recent research reports. Weiss Ratings restated a "buy (b-)" rating on shares of Corning in a research report on Friday, May 15th. Bank of America upped their price objective on Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Zacks Research lowered Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Truist Financial upped their target price on Corning from $125.00 to $149.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. Finally, Citigroup upped their target price on Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average target price of $177.92.
Get Our Latest Stock Analysis on Corning
Insider Transactions at Corning
In related news, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the transaction, the senior vice president directly owned 94,400 shares of the company's stock, valued at approximately $18,138,016. This represents a 22.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Z. Zhang sold 10,000 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the transaction, the vice president directly owned 5,138 shares of the company's stock, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 60,655 shares of company stock valued at $12,046,561 in the last 90 days. 0.25% of the stock is owned by company insiders.
About Corning
(
Free Report)
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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