HBK Sorce Advisory LLC Invests $1.16 Million in Corning Incorporated $GLW

Key Points

• HBK Sorce Advisory initiated a Corning position worth approximately $1.16 million, while other institutional investors also added shares; institutions and hedge funds now own 69.8% of GLW.
• Corning reported quarterly EPS of $0.78, beating estimates by $0.02, with revenue rising 17.1% year over year to $4.74 billion. The company guided for third-quarter EPS of $0.85–$0.89.
• Insider selling and mixed analyst actions continue: the CEO sold $18.6 million of stock, while analysts’ consensus remains a “Moderate Buy” with a $174.08 price target. Corning also declared a quarterly dividend of $0.28 per share.

HBK Sorce Advisory LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,415 shares of the electronics maker's stock, valued at approximately $1,162,000.

Other large investors have also recently made changes to their positions in the company. Abbot Financial Management Inc. acquired a new stake in Corning during the second quarter valued at $10,212,000. Peachtree Investment Partners LLC purchased a new position in Corning in the second quarter valued at $2,499,000. OMC Financial Services LTD acquired a new position in shares of Corning in the second quarter worth about $11,080,000. Flputnam Investment Management Co. acquired a new position in shares of Corning in the second quarter worth about $35,400,000. Finally, Horizon Investment Services LLC purchased a new stake in shares of Corning during the 2nd quarter worth about $360,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction that occurred on Friday, May 22nd. The stock was 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 in the company, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.25% of the company's stock.

Corning Stock Down 0.1%

GLW stock opened at $165.85 on Monday. Corning Incorporated has a 52 week low of $63.37 and a 52 week high of $271.78. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm has a 50-day simple moving average of $176.82 and a 200-day simple moving average of $161.92. The stock has a market capitalization of $142.86 billion, a P/E ratio of 75.73, a P/E/G ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $4.63 billion. During the same period last year, the company posted $0.60 EPS. Corning's quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Dividend Announcement

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

Analyst Ratings Changes

GLW has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their target price on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Bank of America upped their price target on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a report on Monday, July 6th. UBS Group reiterated a "buy" rating and set a $196.00 price target on shares of Corning in a research report on Wednesday, July 29th. Weiss Ratings upgraded Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 7th. Finally, Mizuho reduced their target price on Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $174.08.

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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