Hershey Financial Advisers LLC Makes New Investment in Corning Incorporated $GLW

Key Points

• Hershey Financial Advisers opened a new position in Corning, buying 11,101 shares valued at about $1.51 million in the first quarter.
• Institutional interest in Corning remains high, with 69.8% of the stock owned by hedge funds and other institutions, even as several insiders recently sold shares.
• Corning reported better-than-expected Q1 earnings and revenue, and analysts remain moderately bullish overall with a consensus “Moderate Buy” rating and average price target of $194.69.

Hershey Financial Advisers LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,101 shares of the electronics maker's stock, valued at approximately $1,509,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Jennison Associates LLC raised its holdings in shares of Corning by 40.3% in the first quarter. Jennison Associates LLC now owns 333,272 shares of the electronics maker's stock valued at $45,315,000 after buying an additional 95,769 shares during the last quarter. Aviance Capital Partners LLC grew its holdings in Corning by 10.4% during the 1st quarter. Aviance Capital Partners LLC now owns 5,449 shares of the electronics maker's stock worth $741,000 after acquiring an additional 513 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Corning by 10.6% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 2,745 shares of the electronics maker's stock worth $373,000 after acquiring an additional 264 shares during the last quarter. Quadrant Private Wealth Management LLC increased its position in Corning by 6.0% in the 1st quarter. Quadrant Private Wealth Management LLC now owns 2,997 shares of the electronics maker's stock valued at $407,000 after acquiring an additional 169 shares in the last quarter. Finally, Ranch Capital Advisors Inc. acquired a new stake in Corning in the 1st quarter valued at about $209,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP John Z. Zhang sold 10,000 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the completion of the transaction, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Soumya Seetharam sold 20,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the completion of the sale, the senior vice president directly owned 25,570 shares of the company's stock, valued at $5,273,301.10. The trade was a 43.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 160,655 shares of company stock worth $30,692,560 over the last ninety days. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GLW. Morgan Stanley set a $180.00 target price on shares of Corning in a research report on Friday, May 8th. Wall Street Zen raised shares of Corning from a "hold" rating to a "buy" rating in a report on Saturday. Zacks Research cut shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Susquehanna upped their price objective on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a report on Wednesday, April 29th. Finally, Citigroup upped their price objective on Corning from $225.00 to $240.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $194.69.

Corning Stock Down 2.5%

Shares of Corning stock opened at $154.47 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. Corning Incorporated has a 12 month low of $53.29 and a 12 month high of $271.78. The business has a fifty day simple moving average of $192.81 and a 200 day simple moving average of $152.85. The stock has a market cap of $132.94 billion, a PE ratio of 73.91, a price-to-earnings-growth ratio of 2.03 and a beta of 1.09.

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 the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The company's quarterly revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Research analysts predict that Corning Incorporated will post 3.18 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.28 dividend. 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 53.59%.

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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