Legal & General Group Plc Invests $1.21 Billion in Corning Incorporated $GLW

Key Points

• Legal & General Group Plc acquired 4.75 million Corning shares worth approximately $1.21 billion, representing about 0.55% of the company. Institutional investors collectively own 69.8% of Corning.
• Corning exceeded quarterly expectations, reporting $0.78 in EPS versus the $0.76 consensus and $4.74 billion in revenue, up 17.1% year over year. The company guided for third-quarter EPS of $0.85–$0.89.
• Corning declared a quarterly dividend of $0.28 per share, equal to a $1.12 annualized payout and a 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $174.08.

Legal & General Group Plc bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,746,047 shares of the electronics maker's stock, valued at approximately $1,212,283,000. Legal & General Group Plc owned about 0.55% of Corning as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC lifted its stake in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after purchasing an additional 2,114 shares in the last quarter. Retirement Planning Co of New England Inc. purchased a new stake in shares of Corning in the first quarter valued at approximately $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Corning by 9.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker's stock valued at $2,962,000 after purchasing an additional 5,522 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Corning in the second quarter valued at approximately $401,000. Finally, Schnieders Capital Management LLC. purchased a new position in Corning during the second quarter worth approximately $266,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.25% of the company's stock.

Corning Stock Down 3.1%

Shares of NYSE:GLW opened at $145.19 on Tuesday. The business has a 50-day moving average price of $174.00 and a 200 day moving average price of $163.95. Corning Incorporated has a 12-month low of $65.75 and a 12-month high of $271.78. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $125.07 billion, a price-to-earnings ratio of 66.30, a PEG ratio of 1.92 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning's revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Sell-side analysts expect that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) is 51.14%.

Analyst Ratings Changes

GLW has been the topic of a number of recent research reports. Bank of America boosted their price objective on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Citigroup cut their target price on Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research note on Wednesday, July 29th. Morgan Stanley reduced their price target on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Susquehanna upped their price objective on shares of Corning from $125.00 to $180.00 and gave the company a "positive" rating in a report on Wednesday, April 29th. Finally, UBS Group restated a "buy" rating and set a $196.00 price objective on shares of Corning in a research report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.08.

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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