Mizuho Markets Americas LLC Reduces Position in Corning Incorporated $GLW

Key Points

• Mizuho Markets Americas LLC reduced its Corning stake by 20.9% in the fourth quarter, selling 40,000 shares and ending with 151,000 shares worth about $13.2 million.
• Corning’s latest quarterly results beat expectations, with EPS of $0.70 versus $0.69 expected and revenue of $4.35 billion, up 18.1% year over year.
• Analysts remain broadly positive on GLW, with several firms raising price targets and the consensus rating sitting at Moderate Buy with an average target price of $177.92.

Mizuho Markets Americas LLC cut its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 20.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 151,000 shares of the electronics maker's stock after selling 40,000 shares during the period. Mizuho Markets Americas LLC's holdings in Corning were worth $13,222,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Berbice Capital Management LLC bought a new stake in Corning during the 4th quarter valued at about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. Strengthening Families & Communities LLC purchased a new stake in shares of Corning in the 3rd quarter worth approximately $27,000. Cornerstone Planning Group LLC lifted its position in shares of Corning by 58.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock worth $30,000 after purchasing an additional 124 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Corning in the 4th quarter worth approximately $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GLW shares. Bank of America upped their price target on shares of Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Susquehanna boosted their price objective on shares of Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research note on Wednesday, April 29th. Mizuho boosted their price objective on shares of Corning from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Truist Financial boosted their price objective on shares of Corning from $125.00 to $149.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. Finally, Zacks Research upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $177.92.

Corning Stock Up 1.0%

GLW stock opened at $193.83 on Friday. The firm's fifty day simple moving average is $161.56 and its 200-day simple moving average is $123.01. The company has a market capitalization of $166.82 billion, a P/E ratio of 92.74, a price-to-earnings-growth ratio of 2.75 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 12 month low of $47.67 and a 12 month 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. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the prior year, the firm posted $0.54 earnings per share. The firm's quarterly revenue was up 18.1% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 dividend on an annualized basis and a yield of 0.6%. Corning's dividend payout ratio is 53.59%.

Insider Activity

In related news, CEO Wendell P. Weeks sold 137,514 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $155.37, for a total transaction of $21,365,550.18. Following the sale, the chief executive officer directly owned 750,585 shares of the company's stock, valued at approximately $116,618,391.45. This represents a 15.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Michaune D. Tillman sold 3,260 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the transaction, the senior vice president owned 10,174 shares of the company's stock, valued at $2,106,221.48. This represents a 24.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 170,774 shares of company stock valued at $28,148,435. 0.25% of the stock is currently owned by corporate insiders.

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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