Legal & General Group Plc Cuts Stock Position in Corning Incorporated $GLW

Key Points

• Legal & General Group Plc trimmed its Corning stake by 5.9% in the fourth quarter, selling 317,165 shares and ending with 5.08 million shares worth about $445.1 million.
• Corning reported strong quarterly results, with EPS of $0.70 and revenue of $4.35 billion, both slightly ahead of analyst expectations and up 18.1% from a year ago.
• The company also announced a quarterly dividend of $0.28 per share, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and a target price of $177.92.

Legal & General Group Plc lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 5.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,083,552 shares of the electronics maker's stock after selling 317,165 shares during the quarter. Legal & General Group Plc owned approximately 0.59% of Corning worth $445,116,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Capital Research Global Investors purchased a new stake in Corning in the 3rd quarter worth $907,164,000. WCM Investment Management LLC purchased a new stake in shares of Corning during the third quarter worth $676,931,000. Wellington Management Group LLP grew its holdings in shares of Corning by 30.3% during 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 buying an additional 3,848,540 shares in the last quarter. Polar Capital Holdings Plc grew its holdings in shares of Corning by 141.2% during the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock worth $329,035,000 after buying an additional 2,348,125 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Corning in the third quarter valued at about $185,221,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Down 0.1%

Shares of NYSE GLW opened at $193.83 on Tuesday. The company has a 50 day simple moving average of $162.85 and a 200-day simple moving average of $124.03. The company has a market capitalization of $166.82 billion, a P/E ratio of 92.74, a P/E/G ratio of 2.78 and a beta of 1.14. 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 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 results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities 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 Monday, June 29th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio (DPR) is 53.59%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GLW shares. Oppenheimer raised their price target on shares of Corning from $120.00 to $210.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Truist Financial increased their price objective on shares of Corning from $125.00 to $149.00 and gave the company a "hold" rating in a report on Wednesday, April 29th. Citigroup increased their price objective on shares of Corning from $175.00 to $225.00 and gave the company a "buy" rating in a report on Thursday, May 7th. UBS Group increased their price objective on shares of Corning from $179.00 to $223.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, HSBC reiterated a "buy" rating and issued a $135.00 price objective on shares of Corning in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $177.92.

Insider Activity at Corning

In other Corning news, SVP Michaune D. Tillman sold 3,260 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the transaction, the senior vice president directly owned 25,570 shares of the company's stock, valued at approximately $5,273,301.10. This trade represents a 43.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 170,774 shares of company stock worth $28,148,435. 0.25% of the stock is owned by corporate insiders.

Corning Company Profile

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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