Gabelli Funds LLC Sells 57,823 Shares of Corning Incorporated $GLW

Key Points

• Gabelli Funds LLC cut its Corning stake by 20.1% in the first quarter, selling 57,823 shares and leaving it with 229,876 shares worth about $31.3 million.
• Corning reported better-than-expected Q1 results, with EPS of $0.70 versus $0.69 expected and revenue of $4.34 billion, up 18.1% year over year. The company also guided Q2 2026 EPS to $0.73-$0.77.
• The company declared a quarterly dividend of $0.28 per share, payable September 29, while analysts currently rate the stock a Moderate Buy with an average price target of $194.69.

Gabelli Funds LLC trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 20.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 229,876 shares of the electronics maker's stock after selling 57,823 shares during the quarter. Gabelli Funds LLC's holdings in Corning were worth $31,256,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Berbice Capital Management LLC bought a new stake in Corning during the 4th quarter worth approximately $26,000. Basepoint Wealth LLC bought a new position in Corning in the 4th quarter valued at $26,000. MBM Wealth Consultants LLC bought a new position in Corning in the 1st quarter valued at $42,000. Kemnay Advisory Services Inc. purchased a new position in shares of Corning during the 4th quarter valued at $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in shares of Corning in the fourth quarter worth $31,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

NYSE GLW opened at $146.57 on Friday. Corning Incorporated has a 52-week low of $54.89 and a 52-week high of $271.78. The company has a fifty day moving average of $188.01 and a 200-day moving average of $155.14. The company has a market capitalization of $126.14 billion, a P/E ratio of 70.13, a P/E/G ratio of 1.93 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61.

Corning (NYSE:GLW - Get Free Report) last released 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. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business had revenue of $4.34 billion for the quarter, compared to analysts' expectations of $4.30 billion. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The firm's revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts predict that Corning Incorporated will post 3.18 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed 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 is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Corning's dividend payout ratio is 53.59%.

Insider Activity

In other Corning news, SVP Michaune D. Tillman sold 3,260 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $207.02, for a total value of $674,885.20. Following the completion of the sale, the senior vice president owned 10,174 shares of the company's stock, valued at $2,106,221.48. This represents a 24.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Barclays increased their price objective on Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Mizuho upped their target price on Corning from $220.00 to $270.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Susquehanna raised their price target on Corning from $125.00 to $180.00 and gave the company a "positive" rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. lifted their price target on Corning from $175.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Finally, Truist Financial boosted their price objective on Corning from $149.00 to $205.00 and gave the stock a "hold" rating in a report on Monday, June 22nd. Nine equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $194.69.

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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