Hunter Associates Investment Management LLC Lowers Stock Holdings in Corning Incorporated $GLW

Key Points

• Hunter Associates Investment Management cut its Corning position by 11.5% in the first quarter, selling 8,716 shares and leaving it with 66,879 shares worth about $9.1 million.
• Corning reported strong quarterly results, with earnings of $0.70 per share and revenue of $4.34 billion, both slightly ahead of expectations and up 18.1% year over year.
• Insider selling and analyst views were mixed: the CEO and an SVP sold shares recently, while analysts currently rate the stock a “Moderate Buy” with an average price target of $186.46.

Hunter Associates Investment Management LLC reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 11.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,879 shares of the electronics maker's stock after selling 8,716 shares during the quarter. Corning comprises about 1.2% of Hunter Associates Investment Management LLC's holdings, making the stock its 17th biggest holding. Hunter Associates Investment Management LLC's holdings in Corning were worth $9,089,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Corning by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock worth $8,693,247,000 after purchasing an additional 580,678 shares in the last quarter. State Street Corp boosted its holdings in Corning by 1.2% in the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after purchasing an additional 439,883 shares during the period. Geode Capital Management LLC grew its position in shares of Corning by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock valued at $1,781,250,000 after purchasing an additional 517,067 shares in the last quarter. Capital Research Global Investors grew its position in shares of Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after purchasing an additional 5,831,873 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Corning by 30.3% in the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock worth $1,358,211,000 after purchasing an additional 3,848,540 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

GLW stock opened at $196.12 on Friday. The firm has a market cap of $168.79 billion, a P/E ratio of 93.84, a P/E/G ratio of 2.82 and a beta of 1.09. The firm's fifty day moving average is $190.59 and its 200 day moving average is $146.38. Corning Incorporated has a 52 week low of $51.32 and a 52 week high of $271.78. 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 posted its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. The firm's revenue for the quarter 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 3.19 earnings per share for the current year.

Corning Announces Dividend

The business 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, August 31st. Corning's payout ratio is 53.59%.

Insider Buying and Selling

In other Corning news, 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 transaction, the senior vice president directly owned 94,400 shares of the company's stock, valued at $18,138,016. The trade was a 22.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the sale, the chief executive officer owned 908,353 shares of the company's stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 160,655 shares of company stock worth $30,692,560 in the last 90 days. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Bank of America increased their price objective on Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Truist Financial boosted their target price on Corning from $149.00 to $205.00 and gave the stock a "hold" rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. upped their target price on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Barclays raised their price target on Corning from $149.00 to $180.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Finally, Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Corning has an average rating of "Moderate Buy" and an average target price of $186.46.

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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