Corning Incorporated $GLW Stock Position Reduced by Hendley & Co. Inc.

Key Points

• Hendley & Co. Inc. cut its Corning position by 60.6% in the fourth quarter, leaving it with 3,675 shares valued at about $322,000.
• Several large institutional investors either initiated or increased stakes in Corning, and institutions now own 69.8% of the company’s stock.
• Corning reported quarterly earnings and revenue ahead of expectations, and analysts remain generally positive with a Moderate Buy consensus and an average price target of $177.92.

Hendley & Co. Inc. lessened its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 60.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,675 shares of the electronics maker's stock after selling 5,650 shares during the period. Hendley & Co. Inc.'s holdings in Corning were worth $322,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of GLW. Capital Research Global Investors bought a new position in Corning during the 3rd quarter worth approximately $907,164,000. WCM Investment Management LLC bought a new position in Corning during the 3rd quarter worth approximately $676,931,000. Wellington Management Group LLP lifted its holdings in Corning by 30.3% during the 3rd quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock worth $1,358,211,000 after buying an additional 3,848,540 shares during the last quarter. Polar Capital Holdings Plc lifted its holdings in Corning by 141.2% during the 3rd quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock worth $329,035,000 after buying an additional 2,348,125 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Corning during the 3rd quarter worth approximately $185,221,000. Institutional investors own 69.80% of the company's stock.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 10,000 shares of Corning stock in a transaction on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the transaction, the vice president directly owned 5,138 shares in the company, valued at approximately $1,019,070.92. This trade represents a 66.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction on Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the transaction, the senior vice president owned 25,570 shares in the company, valued at approximately $5,273,301.10. This trade represents a 43.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 170,774 shares of company stock valued at $28,148,435 in the last quarter. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. Morgan Stanley set a $180.00 target price on Corning in a report on Friday, May 8th. Weiss Ratings upgraded Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, February 17th. Bank of America increased their price target on Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Citigroup increased their price target on Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. increased their price target on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average price target of $177.92.

Corning Stock Down 7.7%

GLW opened at $192.18 on Friday. Corning Incorporated has a 12 month low of $47.40 and a 12 month high of $211.79. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06. The stock has a market cap of $165.40 billion, a P/E ratio of 91.95, a P/E/G ratio of 2.74 and a beta of 1.14. The stock's 50 day moving average price is $156.22 and its 200 day moving average price is $119.68.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results 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 for the quarter, compared to analysts' expectations of $4.30 billion. During the same period last year, the firm 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. As a group, research analysts predict that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.6%. The ex-dividend date is Friday, May 29th. 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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.