D.B. Root & Company LLC Acquires New Position in Corning Incorporated $GLW

Key Points

• D.B. Root & Company LLC acquired 15,487 Corning shares worth approximately $3.96 million, making Corning its 18th-largest holding and 0.8% of its portfolio. Institutional investors collectively own 69.8% of Corning.
• Corning exceeded quarterly expectations with $0.78 in EPS versus $0.76 estimated and $4.74 billion in revenue, up 17.1% year over year. The company guided for third-quarter EPS of $0.85–$0.89.
• Corning declared a quarterly dividend of $0.28 per share, equivalent to a 0.7% yield. Analysts remain moderately bullish overall, though several recently lowered price targets and ratings, with a consensus target of $174.08.

D.B. Root & Company LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,487 shares of the electronics maker's stock, valued at approximately $3,956,000. Corning accounts for 0.8% of D.B. Root & Company LLC's portfolio, making the stock its 18th largest holding.

A number of other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of Corning during the 4th quarter valued at $921,435,000. Bank of New York Mellon Corp purchased a new stake in Corning in the 2nd quarter worth $1,510,911,000. Capital Research Global Investors raised its holdings in Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after acquiring an additional 5,831,873 shares during the period. Deutsche Bank AG purchased a new position in shares of Corning in the second quarter valued at about $612,763,000. Finally, Polar Capital Holdings Plc boosted its stake in shares of Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock worth $329,035,000 after acquiring an additional 2,348,125 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

NYSE GLW opened at $149.91 on Monday. Corning Incorporated has a 52-week low of $65.09 and a 52-week high of $271.78. The firm's 50 day moving average price is $174.83 and its 200-day moving average price is $163.72. The company has a market cap of $129.13 billion, a PE ratio of 68.45, a P/E/G ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping 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 analyst estimates of $4.63 billion. During the same quarter in the previous year, the business posted $0.60 EPS. Corning's revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Sell-side analysts forecast that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's dividend payout ratio (DPR) is 51.14%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GLW shares. Oppenheimer cut their target price on Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. dropped their price target on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Morgan Stanley cut their price objective on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating for the company in a report on Wednesday, July 29th. Weiss Ratings cut shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday. Finally, Zacks Research downgraded shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $174.08.

Insider Buying and Selling at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.25% of the company's stock.

About Corning

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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