OMERS ADMINISTRATION Corp Reduces Stock Position in Corning Incorporated $GLW

Key Points

• OMERS ADMINISTRATION Corp cut its Corning stake by 29% in the fourth quarter, selling 77,246 shares and ending with 189,122 shares valued at about $16.6 million.
• Several insiders sold shares recently, including VP John Z. Zhang and SVP Soumya Seetharam, with insiders selling a total of 160,655 shares worth about $30.7 million over the last 90 days.
• Analysts remain broadly positive on Corning, with a Moderate Buy consensus and an average price target of $178.31, while the company also reported strong quarterly results and declared a $0.28 per-share dividend.

OMERS ADMINISTRATION Corp lessened its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 29.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 189,122 shares of the electronics maker's stock after selling 77,246 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Corning were worth $16,560,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Berbice Capital Management LLC purchased a new stake in Corning during the 4th quarter valued at about $26,000. Basepoint Wealth LLC purchased a new stake in shares of Corning in the fourth quarter worth about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Corning in the third quarter worth about $25,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of Corning in the fourth quarter worth about $31,000. Finally, Evolution Wealth Management Inc. boosted its stake in shares of Corning by 58.8% in the fourth quarter. Evolution Wealth Management Inc. now owns 381 shares of the electronics maker's stock worth $33,000 after buying an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity at Corning

In other Corning news, VP John Z. Zhang sold 10,000 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the transaction, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $206.23, for a total value of $4,124,600.00. Following the transaction, the senior vice president owned 25,570 shares in the company, valued at $5,273,301.10. This represents a 43.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 160,655 shares of company stock valued at $30,692,561 in the last ninety days. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on GLW shares. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research note on Saturday, June 6th. Bank of America upped their target price on Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Mizuho upped their target price on Corning from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Barclays upped their target price on Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Finally, Oppenheimer upped their target price on Corning from $120.00 to $210.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $178.31.

Corning Stock Performance

Shares of GLW stock opened at $186.54 on Tuesday. The company has a market capitalization of $160.54 billion, a P/E ratio of 89.25, a P/E/G ratio of 2.56 and a beta of 1.15. The business's 50 day moving average is $177.92 and its two-hundred day moving average is $134.76. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $49.81 and a 12-month high of $211.79.

Corning (NYSE:GLW - Get Free Report) last issued 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 company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.Corning's revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Analysts expect that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Friday, May 29th will be given a dividend of $0.28 per share. The ex-dividend date 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 currently 53.59%.

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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