Corning Incorporated $GLW Stock Holdings Lessened by Varma Mutual Pension Insurance Co

Key Points

• Varma Mutual Pension Insurance Co. trimmed its stake in Corning by 15.3%, selling 34,400 shares and leaving it with 190,332 shares worth about $16.67 million.
• Insiders have been heavy sellers: CEO Wendell P. Weeks sold 137,514 shares for roughly $21.37 million (a 15.48% reduction), and insiders sold a total of 187,053 shares valued at about $27.65 million over the past 90 days.
• Corning beat Q1 estimates (EPS $0.70 vs. $0.69) with revenue up 18.1% YoY, issued Q2 guidance of $0.73–$0.77 EPS, and declared a quarterly dividend of $0.28 (annualized $1.12, ~0.7% yield).

Varma Mutual Pension Insurance Co trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 15.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 190,332 shares of the electronics maker's stock after selling 34,400 shares during the quarter. Varma Mutual Pension Insurance Co's holdings in Corning were worth $16,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in GLW. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Corning in the third quarter worth approximately $25,000. Strengthening Families & Communities LLC purchased a new stake in shares of Corning in the third quarter worth approximately $27,000. Cornerstone Planning Group LLC lifted its position in shares of Corning by 58.5% in the third 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. JPL Wealth Management LLC purchased a new stake in shares of Corning in the third quarter worth approximately $33,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Corning in the fourth quarter worth approximately $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Li Fang sold 9,797 shares of Corning stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $113.51, for a total value of $1,112,057.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 137,514 shares of Corning stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $155.37, for a total transaction of $21,365,550.18. Following the completion of the transaction, the chief executive officer directly owned 750,585 shares in the company, valued at approximately $116,618,391.45. This represents a 15.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 187,053 shares of company stock valued at $27,653,630. 0.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial increased their price target on shares of Corning from $125.00 to $149.00 and gave the stock a "hold" rating in a research report on Wednesday, April 29th. Citigroup raised their price objective on shares of Corning from $170.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Wolfe Research set a $130.00 price objective on shares of Corning and gave the company an "outperform" rating in a research report on Tuesday, January 27th. HSBC reaffirmed a "buy" rating and set a $135.00 price objective on shares of Corning in a research report on Friday, February 13th. Finally, Oppenheimer set a $120.00 price objective on shares of Corning in a research report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $150.31.

Corning Price Performance

Shares of GLW opened at $160.41 on Tuesday. The firm has a market cap of $137.80 billion, a PE ratio of 76.75, a PEG ratio of 2.26 and a beta of 1.14. The firm's 50 day moving average price is $148.66 and its 200 day moving average price is $113.22. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. Corning Incorporated has a twelve month low of $44.33 and a twelve month high of $179.08.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company's revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, research analysts expect that Corning Incorporated will post 3.17 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning's dividend payout ratio (DPR) is currently 53.59%.

Corning Company 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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