Eurizon Capital SGR S.p.A. Invests $24.04 Million in Corning Incorporated $GLW

Key Points

• Eurizon Capital SGR opened a new position in Corning in the fourth quarter, buying 274,505 shares valued at about $24.04 million.
• Institutional ownership remains heavy, with several large funds adding to Corning, and about 69.8% of the stock is held by institutional investors.
• Corning’s recent results topped expectations, with quarterly EPS of $0.70 versus $0.69 expected and revenue up 18.1% year over year; the company also declared a $0.28 quarterly dividend.

Eurizon Capital SGR S.p.A. purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 274,505 shares of the electronics maker's stock, valued at approximately $24,040,000.

A number of other large investors have also recently made changes to their positions in GLW. Capital Research Global Investors bought a new position in shares of Corning in the third quarter worth $907,164,000. WCM Investment Management LLC bought a new stake in Corning during the third quarter valued at $676,931,000. Wellington Management Group LLP boosted its stake in Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock valued at $1,358,211,000 after buying an additional 3,848,540 shares during the period. Polar Capital Holdings Plc boosted its stake in Corning by 141.2% during the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock valued at $329,035,000 after buying an additional 2,348,125 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Corning during the third quarter valued at $185,221,000. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, VP John Z. Zhang sold 10,000 shares of the business's stock in a transaction dated 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 completion of the sale, the vice president owned 5,138 shares of the company's stock, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jaymin Amin sold 27,395 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the sale, the senior vice president directly owned 94,400 shares of the company's stock, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 60,655 shares of company stock worth $12,046,561. Insiders own 0.25% of the company's stock.

Corning Trading Down 0.9%

Shares of GLW stock opened at $181.37 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 business has a 50-day moving average price of $167.47 and a two-hundred day moving average price of $126.60. Corning Incorporated has a 12-month low of $48.88 and a 12-month high of $211.79. The firm has a market cap of $156.09 billion, a P/E ratio of 86.78, a price-to-earnings-growth ratio of 2.59 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the previous year, the company posted $0.54 EPS. Corning's revenue for the quarter was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities analysts anticipate that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's payout ratio is 53.59%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Zacks Research lowered Corning from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. HSBC reiterated a "buy" rating and set a $135.00 target price on shares of Corning in a research report on Friday, February 13th. Truist Financial lifted their target price on shares of Corning from $125.00 to $149.00 and gave the company a "hold" rating in a research report on Wednesday, April 29th. UBS Group raised their price objective on shares of Corning from $179.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Morgan Stanley set a $180.00 price objective on shares of Corning in a research report on Friday, May 8th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $177.92.

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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