Daiichi Life Insurance Co. Ltd. Buys New Holdings in Corning Incorporated $GLW

Key Points

• Daiichi Life Insurance acquired 71,796 Corning shares during the second quarter, valued at approximately $18.3 million. Institutional investors collectively own 69.8% of Corning’s outstanding stock.
• Corning reported quarterly EPS of $0.78, exceeding estimates of $0.76, while revenue rose 17.1% year over year to $4.74 billion. The company issued third-quarter EPS guidance of $0.85–$0.89.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $174.08 price target, despite several recent target-price reductions. Corning also declared a quarterly dividend of $0.28 per share.

Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 71,796 shares of the electronics maker's stock, valued at approximately $18,339,000.

A number of other institutional investors have also recently bought and sold shares of the business. Berbice Capital Management LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC bought a new position in shares of Corning during the 4th quarter worth approximately $26,000. Atwood & Palmer Inc. acquired a new position in shares of Corning during the 2nd quarter worth approximately $26,000. Kemnay Advisory Services Inc. bought a new stake in Corning in the 4th quarter valued at $27,000. Finally, Litman Gregory Wealth Management LLC bought a new stake in Corning in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GLW shares. 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 report on Wednesday, July 29th. Citigroup dropped their price objective on shares of Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 7th. Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 16th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Eleven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.08.

Corning Stock Performance

NYSE:GLW opened at $149.91 on Friday. The stock has a market cap of $129.13 billion, a P/E ratio of 68.45, a PEG ratio of 1.92 and a beta of 1.14. The stock has a 50 day simple moving average of $174.83 and a 200 day simple moving average of $163.35. 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 $65.09 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 (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same period in the previous year, the company posted $0.60 EPS. The firm's quarterly revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's payout ratio 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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