Hennessy Advisors Inc. Acquires New Position in Corning Incorporated $GLW

Key Points

• Hennessy Advisors initiated a Corning position by purchasing 15,086 shares valued at approximately $3.85 million. Institutional investors collectively own 69.8% of Corning’s outstanding stock.
• Corning reported quarterly EPS of $0.78 and revenue of $4.74 billion, exceeding analyst estimates, while revenue grew 17.1% year over year. The company guided to third-quarter 2026 EPS of $0.85–$0.89.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $174.08, although several firms recently lowered their targets. Corning also declared a quarterly dividend of $0.28 per share, equivalent to a 0.8% annual yield.

Hennessy Advisors Inc. bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 15,086 shares of the electronics maker's stock, valued at approximately $3,853,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Berbice Capital Management LLC purchased a new stake in shares of Corning during the fourth quarter worth $26,000. Basepoint Wealth LLC acquired a new stake in Corning in the 4th quarter valued at about $26,000. Atwood & Palmer Inc. purchased a new position in shares of Corning in the 2nd quarter valued at about $26,000. Kemnay Advisory Services Inc. purchased a new position in shares of Corning in the 4th quarter valued at about $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in shares of Corning during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

In related news, CEO Wendell P. Weeks sold 100,000 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer owned 908,353 shares of the company's stock, 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 filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. UBS Group reaffirmed a "buy" rating and issued a $196.00 target price on shares of Corning in a report on Wednesday, July 29th. Citigroup lowered their price target on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a report on Wednesday, July 29th. Barclays dropped their price objective on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 29th. Mizuho reduced their price objective on shares of Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Finally, Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Monday, August 24th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Performance

Shares of GLW opened at $148.87 on Monday. The company's 50 day simple moving average is $171.18 and its 200-day simple moving average is $164.84. The firm has a market cap of $128.24 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 1.91 and a beta of 1.14. Corning Incorporated has a 12-month low of $66.14 and a 12-month high of $271.78. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating 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 the consensus estimate of $4.63 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. Corning's revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts predict that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid 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 51.14%.

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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