Corning Incorporated $GLW Stock: Jackson Square Capital LLC Reduces Stake

Key Points

• Jackson Square Capital cut its Corning stake by 80.5% in the third quarter, selling 45,380 shares and retaining 11,015 shares worth approximately $1.69 million. Institutional investors collectively own 69.8% of Corning.
• Corning reported quarterly earnings of $0.78 per share, exceeding estimates by $0.02, while revenue rose 17.1% year over year to $4.74 billion. The company also declared a $0.28 quarterly dividend, equivalent to a 0.8% annual yield.
• Analysts maintain a generally positive view, with 13 Buy and seven Hold ratings and an average price target of $177.56, compared with the reported share price of $133.94.

Jackson Square Capital LLC decreased its stake in Corning Incorporated (NYSE:GLW - Free Report) by 80.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,015 shares of the electronics maker's stock after selling 45,380 shares during the quarter. Jackson Square Capital LLC's holdings in Corning were worth $1,694,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atwood & Palmer Inc. acquired a new position in shares of Corning during the 2nd quarter worth about $26,000. Rogco LP acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $27,000. Western Pacific Wealth Management LP acquired a new stake in shares of Corning in the 3rd quarter valued at approximately $25,000. Toth Financial Advisory Corp boosted its stake in Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker's stock worth $27,000 after acquiring an additional 98 shares during the last quarter. Finally, Cornerstone Financial Management LLC boosted its stake in Corning by 63.3% during the 2nd quarter. Cornerstone Financial Management LLC now owns 196 shares of the electronics maker's stock worth $50,000 after acquiring an additional 76 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 1.5%

GLW stock traded up $1.94 during mid-day trading on Monday, hitting $133.94. 2,799,607 shares of the company were exchanged, compared to its average volume of 11,912,500. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The firm has a market cap of $115.37 billion, a P/E ratio of 61.29, a P/E/G ratio of 1.68 and a beta of 1.13. The firm's 50 day simple moving average is $154.18 and its 200 day simple moving average is $168.95. Corning Incorporated has a 1-year low of $77.39 and a 1-year high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. During the same quarter in the prior year, the company earned $0.60 earnings per share. The business's quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, sell-side analysts predict that Corning Incorporated will post 3.28 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors 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 of this dividend is Friday, November 13th. Corning's payout ratio is currently 51.14%.

Insiders Place Their Bets

In related news, EVP Lewis Steverson sold 13,100 shares of the company's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GLW shares. UBS Group boosted their price objective on shares of Corning from $196.00 to $201.00 and gave the company a "buy" rating in a report on Monday, October 5th. Oppenheimer cut their target price 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. reduced their price target on shares of Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Mizuho decreased their price target 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, Wall Street Zen raised shares of Corning from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $177.56.

Corning Profile

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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