Intech Investment Management LLC Decreases Stake in Corning Incorporated $GLW

Key Points

• Intech Investment Management cut its Corning stake by 14.6% in the fourth quarter, selling 18,929 shares and leaving it with 110,413 shares worth about $9.67 million.
• Insider selling has also been notable, with SVPs Michaune D. Tillman and Jaymin Amin selling shares; insiders sold 60,655 shares total over the last 90 days.
• Analysts remain constructive on Corning, with 10 Buy ratings and 6 Hold ratings, a “Moderate Buy” consensus, and an average price target of $177.92; the company also beat quarterly EPS and revenue estimates and raised Q2 guidance.

Intech Investment Management LLC reduced its stake in Corning Incorporated (NYSE:GLW - Free Report) by 14.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 110,413 shares of the electronics maker's stock after selling 18,929 shares during the quarter. Intech Investment Management LLC's holdings in Corning were worth $9,668,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Corning in the 3rd quarter valued at approximately $25,000. Berbice Capital Management LLC acquired a new position in Corning in the 4th quarter worth approximately $26,000. Strengthening Families & Communities LLC acquired a new position in Corning in the 3rd quarter worth approximately $27,000. Cornerstone Planning Group LLC increased its holdings in Corning by 58.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock worth $30,000 after buying an additional 124 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in Corning in the 3rd quarter worth approximately $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Michaune D. Tillman sold 3,260 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the sale, the senior vice president owned 10,174 shares of the company's stock, valued at $2,106,221.48. This trade represents a 24.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jaymin Amin sold 27,395 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the sale, the senior vice president directly owned 94,400 shares in the company, valued at $18,138,016. The trade was a 22.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 60,655 shares of company stock worth $12,046,561 over the last 90 days. Company insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GLW shares. Oppenheimer increased their price target on shares of Corning from $120.00 to $210.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. Bank of America increased their price target on shares of Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a report on Monday, April 20th. UBS Group increased their price target on shares of Corning from $179.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Truist Financial increased their price target on shares of Corning from $125.00 to $149.00 and gave the stock a "hold" rating in a report on Wednesday, April 29th. Finally, HSBC reiterated a "buy" rating and issued a $135.00 price target on shares of Corning in a report on Friday, February 13th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $177.92.

Corning Price Performance

Shares of NYSE GLW opened at $181.37 on Friday. The stock has a market capitalization of $156.09 billion, a price-to-earnings ratio of 86.78, a PEG ratio of 2.62 and a beta of 1.14. Corning Incorporated has a 12 month low of $48.88 and a 12 month high of $211.79. The firm's 50 day simple moving average is $167.47 and its 200-day simple moving average is $126.60. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The business had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The business's revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the company earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Analysts expect that Corning Incorporated will post 3.19 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. Corning's dividend payout ratio (DPR) is presently 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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