Cottage Street Advisors LLC Purchases 5,453 Shares of Corning Incorporated $GLW

Key Points

• Cottage Street Advisors LLC increased its Corning stake by 183.2% in the first quarter, buying 5,453 additional shares and bringing its total holdings to 8,430 shares worth about $1.146 million.
• Corning reported solid quarterly results, with EPS of $0.70 topping estimates by a penny and revenue of $4.34 billion beating expectations; revenue also rose 18.1% year over year.
• Insider selling has been notable, including CEO Wendell P. Weeks selling 100,000 shares and VP John Z. Zhang selling 10,000 shares, while the stock has recently traded near its 52-week high and the company announced a quarterly dividend of $0.28 per share.

Cottage Street Advisors LLC lifted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 183.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,430 shares of the electronics maker's stock after buying an additional 5,453 shares during the quarter. Cottage Street Advisors LLC's holdings in Corning were worth $1,146,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares in the last quarter. Retirement Planning Co of New England Inc. bought a new position in Corning during the 1st quarter worth about $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Corning by 9.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker's stock worth $2,962,000 after acquiring an additional 5,522 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Corning during the 2nd quarter valued at about $401,000. Finally, Schnieders Capital Management LLC. bought a new stake in shares of Corning in the 2nd quarter valued at about $266,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

In other news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the sale, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 10,000 shares of the business's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the transaction, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. This trade represents a 66.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 160,655 shares of company stock worth $30,692,560. Company insiders own 0.25% of the company's stock.

Corning Stock Up 10.8%

Shares of Corning stock opened at $228.14 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The company has a market cap of $196.35 billion, a P/E ratio of 109.16, a PEG ratio of 2.95 and a beta of 1.15. The firm's 50 day moving average price is $183.60 and its 200-day moving average price is $141.15. Corning Incorporated has a 52-week low of $51.32 and a 52-week high of $230.50.

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 analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $4.34 billion during the quarter, compared to analysts' expectations of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. Corning's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, sell-side analysts predict that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.5%. Corning's dividend payout ratio is presently 53.59%.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. Truist Financial upped their price target on shares of Corning from $149.00 to $205.00 and gave the stock a "hold" rating in a research report on Monday. Weiss Ratings reissued a "buy (b-)" rating on shares of Corning in a research note on Friday, May 15th. Susquehanna upped their target price on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a report on Wednesday, April 29th. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $175.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average target price of $182.62.

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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