Los Angeles Capital Management LLC Lowers Holdings in Corning Incorporated $GLW

Key Points

• Los Angeles Capital Management reduced its Corning stake by 5.7% in the fourth quarter, selling 143,144 shares and leaving it with 2,386,539 shares valued at about $215.5 million.
• Corning reported solid quarterly results, with EPS of $0.70 and revenue of $4.35 billion, both slightly above analyst expectations; revenue rose 18.1% year over year.
• The company announced a quarterly dividend of $0.28 per share, payable June 29, which works out to an annualized dividend of $1.12 and a yield of 0.6%.

Los Angeles Capital Management LLC cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 5.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,386,539 shares of the electronics maker's stock after selling 143,144 shares during the quarter. Corning comprises 0.7% of Los Angeles Capital Management LLC's investment portfolio, making the stock its 25th biggest position. Los Angeles Capital Management LLC owned about 0.28% of Corning worth $215,457,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Vanguard Group Inc. increased its holdings in shares of 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 buying an additional 580,678 shares during the last quarter. State Street Corp increased its holdings in shares of Corning by 1.2% in the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock worth $3,035,836,000 after buying an additional 439,883 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Corning by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock worth $1,781,250,000 after buying an additional 517,067 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Corning by 30.3% in the 3rd 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 during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Corning by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock worth $724,432,000 after buying an additional 1,036,988 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other news, SVP Soumya Seetharam sold 20,000 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the sale, 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. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Michaune D. Tillman sold 3,260 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the sale, the senior vice president directly owned 10,174 shares of the company's stock, valued at approximately $2,106,221.48. This represents a 24.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 60,655 shares of company stock valued at $12,046,561. 0.25% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of Corning stock opened at $177.52 on Friday. The firm has a market cap of $152.78 billion, a PE ratio of 84.94, a price-to-earnings-growth ratio of 2.54 and a beta of 1.15. Corning Incorporated has a 12-month low of $49.47 and a 12-month high of $211.79. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The company's fifty day simple moving average is $173.00 and its two-hundred day simple moving average is $130.26.

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 for the quarter, compared to analyst estimates of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company's revenue was up 18.1% on a year-over-year basis. 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. As a group, equities analysts expect that Corning Incorporated will post 3.19 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio (DPR) is currently 53.59%.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. Zacks Research lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Barclays increased their price target on shares of Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Morgan Stanley set a $180.00 price target on shares of Corning in a report on Friday, May 8th. Susquehanna increased their price target on shares of Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a report on Wednesday, April 29th. Finally, 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. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $178.31.

Corning 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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