Corning Incorporated $GLW Stock Position Lifted by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Corning stake by purchasing more than 307.6 million shares, bringing its ownership to 35.85%; institutional investors collectively own 69.8% of the company.
• Analyst sentiment remains positive but targets have been reduced: Corning has a “Moderate Buy” consensus rating from 16 analysts, with an average price target of $174.08 versus shares trading near $154.
• Corning exceeded quarterly earnings and revenue expectations, reporting $0.78 in EPS and $4.74 billion in revenue, while declaring a quarterly dividend of $0.28 per share, representing a 0.7% yield.

California State Teachers Retirement System raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 26,791.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 308,768,637 shares of the electronics maker's stock after buying an additional 307,620,415 shares during the quarter. California State Teachers Retirement System owned 35.85% of Corning worth $78,868,773,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Corning by 1.2% during the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Corning by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock worth $1,781,250,000 after purchasing an additional 517,067 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Corning by 29.2% during 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 purchasing an additional 4,231,507 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after buying an additional 5,831,873 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after buying an additional 1,036,988 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

In other news, EVP Lewis A. Steverson sold 13,100 shares of the business's stock in a transaction that occurred 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 directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Wendell Weeks sold 100,000 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares of the company's stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GLW shares. JPMorgan Chase & Co. dropped their price objective on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. Truist Financial upgraded shares of Corning from a "hold" rating to a "buy" rating and reduced their target price for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Monday, August 24th. Barclays dropped their price target on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Finally, Mizuho reduced their price objective on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and six have assigned 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 $174.08.

Corning Trading Down 0.1%

Shares of Corning stock opened at $154.22 on Monday. The company's fifty day simple moving average is $164.74 and its 200-day simple moving average is $165.39. The company has a market cap of $132.84 billion, a price-to-earnings ratio of 70.42, a PEG ratio of 1.98 and a beta of 1.16. 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 $70.06 and a 1 year high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS 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 firm had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. During the same period in the prior year, the company earned $0.60 EPS. 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. As a group, sell-side analysts expect that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) 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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