Main Street Research LLC Invests $52.72 Million in Corning Incorporated $GLW

Key Points

• Main Street Research LLC opened a new position in Corning, buying 387,718 shares worth about $52.72 million. The stock now accounts for roughly 3.1% of the firm’s holdings.
• Several insiders sold shares over the past 90 days, including CEO Wendell P. Weeks, who sold 100,000 shares for $18.65 million. Insider ownership is now very low at about 0.25%.
• Corning reported solid quarterly results and raised its outlook, with earnings and revenue both beating expectations; analysts still view the stock as a Moderate Buy with a consensus price target of $193.54. The company also announced a quarterly dividend of $0.28 per share, payable September 29.

Main Street Research LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 387,718 shares of the electronics maker's stock, valued at approximately $52,718,000. Corning makes up approximately 3.1% of Main Street Research LLC's holdings, making the stock its 12th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of GLW. Caldwell Trust Co raised its holdings in shares of Corning by 0.5% in the first quarter. Caldwell Trust Co now owns 15,893 shares of the electronics maker's stock valued at $2,161,000 after purchasing an additional 74 shares during the last quarter. KRS Capital Management LLC lifted its position in shares of Corning by 2.2% in the first quarter. KRS Capital Management LLC now owns 4,058 shares of the electronics maker's stock worth $552,000 after purchasing an additional 88 shares in the last quarter. Sheets Smith Wealth Management boosted its holdings in Corning by 2.1% during the first quarter. Sheets Smith Wealth Management now owns 4,450 shares of the electronics maker's stock worth $605,000 after purchasing an additional 90 shares during the last quarter. Beese Fulmer Investment Management Inc. grew its position in Corning by 2.5% in the fourth quarter. Beese Fulmer Investment Management Inc. now owns 3,836 shares of the electronics maker's stock valued at $336,000 after purchasing an additional 92 shares in the last quarter. Finally, 3Chopt Investment Partners LLC grew its position in Corning by 1.0% in the fourth quarter. 3Chopt Investment Partners LLC now owns 10,248 shares of the electronics maker's stock valued at $897,000 after purchasing an additional 97 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In other news, SVP Michaune D. Tillman sold 3,260 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $207.02, for a total value of $674,885.20. Following the completion of the sale, the senior vice president owned 10,174 shares of the company's stock, valued at approximately $2,106,221.48. The trade was a 24.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 100,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 160,655 shares of company stock valued at $30,692,560. 0.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Susquehanna lifted their price target on shares of Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research note on Wednesday, April 29th. Zacks Research cut Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. UBS Group set a $243.00 target price on Corning in a research report on Monday. JPMorgan Chase & Co. upped their target price on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Finally, Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Corning has an average rating of "Moderate Buy" and a consensus target price of $193.54.

Corning Trading Up 4.6%

Shares of NYSE:GLW opened at $192.53 on Friday. Corning Incorporated has a 12-month low of $51.32 and a 12-month high of $271.78. The business has a 50 day moving average of $192.40 and a 200-day moving average of $149.67. 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 stock has a market cap of $165.70 billion, a PE ratio of 92.12, a P/E/G ratio of 2.41 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $4.34 billion during the quarter, compared to analysts' expectations of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the firm posted $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts forecast that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning's dividend payout ratio (DPR) is presently 53.59%.

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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