Karras Company Inc. Purchases New Shares in Corning Incorporated $GLW

Key Points

• Karras Company Inc. initiated a new position in Corning, buying 34,086 shares worth about $2.99 million. The stake makes up roughly 2.9% of Karras’s portfolio and is its 9th largest holding.
• Corning reported strong quarterly results, with EPS of $0.70 versus estimates of $0.69 and revenue of $4.35 billion, up 18.1% year over year. The company also guided Q2 2026 EPS at $0.73-$0.77.
• Insiders have been selling shares, including CEO Wendell P. Weeks and VP John Z. Zhang, with 170,774 shares sold over the last 90 days. Meanwhile, analysts remain generally positive, with a consensus rating of Moderate Buy and an average price target of $177.92.

Karras Company Inc. purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 34,086 shares of the electronics maker's stock, valued at approximately $2,985,000. Corning accounts for approximately 2.9% of Karras Company Inc.'s investment portfolio, making the stock its 9th biggest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Berbice Capital Management LLC acquired a new position in shares of Corning in the 4th quarter valued at $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Corning in the 3rd quarter valued at $25,000. Strengthening Families & Communities LLC acquired a new position in shares of Corning in the 3rd quarter valued at $27,000. Cornerstone Planning Group LLC boosted its position in shares of Corning by 58.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock valued at $30,000 after purchasing an additional 124 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Corning in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Transactions at Corning

In other news, CEO Wendell P. Weeks sold 137,514 shares of the firm's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $155.37, for a total transaction of $21,365,550.18. Following the completion of the sale, the chief executive officer directly owned 750,585 shares of the company's stock, valued at $116,618,391.45. This trade represents a 15.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Z. Zhang sold 10,000 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the sale, the vice president directly owned 5,138 shares of the company's stock, valued at $1,019,070.92. This trade represents a 66.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 170,774 shares of company stock valued at $28,148,435 over the last 90 days. Company insiders own 0.25% of the company's stock.

Corning Stock Up 1.0%

Shares of Corning stock opened at $193.83 on Friday. The stock has a 50-day moving average price of $161.56 and a 200 day moving average price of $123.01. The company has a market cap of $166.82 billion, a P/E ratio of 92.74, a P/E/G ratio of 2.75 and a beta of 1.14. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1 year low of $47.67 and a 1 year high of $211.79.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping 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 $4.35 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the prior year, the business earned $0.54 EPS. The business'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. As a group, analysts expect that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared 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 53.59%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GLW shares. HSBC reissued a "buy" rating and issued a $135.00 price objective on shares of Corning in a research note on Friday, February 13th. JPMorgan Chase & Co. increased their price objective on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Truist Financial increased their price objective on Corning from $125.00 to $149.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. UBS Group increased their price objective on Corning from $179.00 to $223.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, 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 note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $177.92.

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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.