Magnolia Capital Advisors LLC Takes $1.71 Million Position in Corning Incorporated $GLW

Key Points

• Magnolia Capital Advisors initiated a $1.71 million position in Corning during the second quarter, purchasing 6,702 shares. Institutional investors collectively own 69.8% of GLW.
• Analyst sentiment remains positive but mixed: Corning has a “Moderate Buy” consensus rating from 16 analysts, with an average price target of $174.08.
• Corning exceeded quarterly expectations, reporting $0.78 in EPS and $4.74 billion in revenue, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, a 0.7% annualized yield.

Magnolia Capital Advisors LLC purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,702 shares of the electronics maker's stock, valued at approximately $1,712,000.

Several other hedge funds have also recently made changes to their positions in GLW. State Street Corp boosted its holdings in Corning by 1.2% in the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock worth $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC grew its position in 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 purchasing an additional 517,067 shares during the period. Capital Research Global Investors raised its stake in Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after buying an additional 5,831,873 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after buying an additional 1,036,988 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Corning during the 4th quarter valued at $921,435,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GLW. Mizuho cut their price objective on Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Morgan Stanley lowered their target price on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Citigroup dropped their target price on Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research note on Monday. Finally, Bank of America upped their price target on shares of Corning from $223.00 to $243.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average price target of $174.08.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares of the company's stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is currently owned by insiders.

Corning Trading Up 3.8%

Shares of GLW stock opened at $152.76 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The company has a market cap of $131.59 billion, a price-to-earnings ratio of 69.75, a PEG ratio of 1.88 and a beta of 1.14. Corning Incorporated has a 1 year low of $66.14 and a 1 year high of $271.78. The firm has a fifty day moving average price of $172.96 and a 200-day moving average price of $164.50.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Corning's dividend payout ratio (DPR) is 51.14%.

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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