Corning Incorporated $GLW Stock: First Citizens Bank & Trust Co. Boosts Stake

Key Points

• First Citizens Bank & Trust Co. increased its Corning stake by 76.9% in the third quarter, bringing its holdings to 20,490 shares valued at approximately $3.15 million. Institutional investors collectively own 69.8% of GLW.
• Corning exceeded quarterly expectations with earnings of $0.78 per share and revenue of $4.74 billion, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, equivalent to a 0.8% yield.
• Analysts maintain a consensus “Moderate Buy” rating with a $177.56 price target, although targets were mixed and an executive recently sold 13,100 shares. Investor concerns include Corning’s elevated valuation and execution risks tied to AI-driven growth.

First Citizens Bank & Trust Co. lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 76.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,490 shares of the electronics maker's stock after acquiring an additional 8,905 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Corning were worth $3,151,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. State Street Corp boosted its stake in Corning by 13.4% during the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the period. Bank of America Corp DE grew 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 in the last quarter. Wellington Management Group LLP grew 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 in the last quarter. Bank of New York Mellon Corp acquired a new stake in Corning in the 2nd quarter valued at approximately $1,510,911,000. Finally, Legal & General Group Plc acquired a new stake in Corning in the 2nd quarter valued at approximately $1,212,283,000. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The stock was 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 in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.25% of the company's stock.

Corning Price Performance

Shares of NYSE:GLW opened at $140.89 on Thursday. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78. The business has a fifty day simple moving average of $155.24 and a 200 day simple moving average of $168.91. The firm has a market cap of $121.36 billion, a price-to-earnings ratio of 64.33, a P/E/G ratio of 1.89 and a beta of 1.13.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.02. The company had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%. The business's quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter 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, sell-side analysts predict that Corning Incorporated will post 3.28 earnings per share for the current fiscal 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 issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning's dividend payout ratio (DPR) is presently 51.14%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Citigroup decreased their target price on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, July 29th. UBS Group boosted their price target on shares of Corning from $196.00 to $201.00 and gave the stock a "buy" rating in a research report on Monday, October 5th. Mizuho dropped their price target on shares of Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 15th. Finally, The Goldman Sachs Group reaffirmed an "outperform" rating on shares of Corning in a research note on Tuesday, September 15th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $177.56.

More Corning News

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning’s fiber-optic business remains supported by demand from artificial-intelligence data centers and network infrastructure. Reaves W H & Co. said the long-term demand outlook is intact, although near-term guidance creates some friction. Corning Fiber-Optic Demand Intact Despite Near-Term Guidance Friction
• Positive Sentiment: Analyst consensus price targets imply approximately 26% potential upside, while improving earnings estimates could provide additional support if Corning continues to execute. Corning Analyst Price Target Outlook
• Positive Sentiment: Corning declared a quarterly dividend of $0.28 per share, reinforcing its shareholder-return program. Corning Declares Dividend
• Neutral Sentiment: Pre-market trading indicated a modest rebound in European-listed Corning shares, suggesting some dip-buying after the recent selloff. Corning Pre-Market Trading
• Negative Sentiment: Investors remain concerned that Corning’s elevated valuation may already reflect much of its AI-driven growth. Although second-quarter core EPS rose 30% and management projected further growth, the stock fell sharply after the report as investors focused on guidance and execution risks. Corning Wiring the AI Boom
• Negative Sentiment: A law firm is investigating potential claims on behalf of Corning investors, adding legal and reputational uncertainty after the recent share-price decline. Pomerantz Corning Investor Investigation

Corning Company Profile

Corning Incorporated NYSE: GLW is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.

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