Gamco Investors INC. ET AL Decreases Holdings in Corning Incorporated $GLW

Key Points

• Gamco Investors cut its Corning stake by 4.8% in the fourth quarter, selling 9,623 shares and leaving it with 192,594 shares worth about $16.9 million.
• Analysts remain broadly positive on Corning (NYSE: GLW): several firms raised price targets, and the stock now carries an average rating of Moderate Buy with an average target price of $177.92.
• Corning reported better-than-expected quarterly results, with EPS of $0.70 and revenue of $4.35 billion, and it also declared a quarterly dividend of $0.28 per share payable June 29.

Gamco Investors INC. ET AL trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,594 shares of the electronics maker's stock after selling 9,623 shares during the period. Gamco Investors INC. ET AL's holdings in Corning were worth $16,864,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Corning during the 3rd quarter valued at about $25,000. Strengthening Families & Communities LLC purchased a new position in shares of Corning during the 3rd quarter valued at about $27,000. Cornerstone Planning Group LLC raised its holdings in shares of Corning by 58.5% during the 3rd quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock valued at $30,000 after buying an additional 124 shares in the last quarter. JPL Wealth Management LLC bought a new position in Corning during the 3rd quarter worth approximately $33,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in Corning during the 4th quarter worth approximately $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GLW shares. Oppenheimer raised their price target on Corning from $120.00 to $210.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. Barclays raised their price target on Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. UBS Group raised their price target on Corning from $179.00 to $223.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Wall Street Zen upgraded Corning from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, HSBC restated a "buy" rating and set a $135.00 price target on shares of Corning in a research report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $177.92.

Insiders Place Their Bets

In other news, CEO Wendell P. Weeks sold 137,514 shares of Corning stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $155.37, for a total value of $21,365,550.18. Following the sale, the chief executive officer directly owned 750,585 shares in the company, valued at approximately $116,618,391.45. This trade represents a 15.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Z. Zhang sold 10,000 shares of Corning stock in a transaction that occurred 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 completion of the sale, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 170,774 shares of company stock valued at $28,148,435 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

Corning Price Performance

Shares of GLW stock opened at $178.74 on Tuesday. The firm has a market cap of $153.83 billion, a P/E ratio of 85.52, a P/E/G ratio of 2.74 and a beta of 1.14. Corning Incorporated has a fifty-two week low of $47.40 and a fifty-two week high of $211.79. The business's 50 day moving average price is $157.10 and its 200-day moving average price is $120.55. 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 issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business's quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be given 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 is Friday, May 29th. Corning's dividend payout ratio (DPR) is currently 53.59%.

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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