Payden & Rygel Decreases Stake in Corning Incorporated $GLW

Key Points

• Payden & Rygel cut its Corning stake by 12.9% in the fourth quarter, selling 28,600 shares and ending with 193,400 shares worth about $16.9 million.
• Analysts turned more bullish on Corning, with several firms raising price targets; the stock now has a consensus rating of “Moderate Buy” and an average target of $177.92.
• Insiders have also been selling shares, including recent large sales by VP John Z. Zhang and SVP Soumya Seetharam, bringing total insider sales over the last 90 days to 170,774 shares worth $28.1 million.

Payden & Rygel lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 12.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 193,400 shares of the electronics maker's stock after selling 28,600 shares during the period. Corning accounts for approximately 1.2% of Payden & Rygel's portfolio, making the stock its 28th biggest holding. Payden & Rygel's holdings in Corning were worth $16,934,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Entrust Financial LLC purchased a new position in shares of Corning in the fourth quarter worth about $78,000. Intrua Financial LLC lifted its stake in shares of Corning by 16.5% in the fourth quarter. Intrua Financial LLC now owns 6,364 shares of the electronics maker's stock worth $557,000 after buying an additional 902 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Corning by 44.3% in the fourth quarter. TD Private Client Wealth LLC now owns 1,576 shares of the electronics maker's stock worth $138,000 after buying an additional 484 shares in the last quarter. Mission Wealth Management LP lifted its stake in shares of Corning by 3.0% in the fourth quarter. Mission Wealth Management LP now owns 15,817 shares of the electronics maker's stock worth $1,385,000 after buying an additional 466 shares in the last quarter. Finally, RiverFront Investment Group LLC lifted its stake in shares of Corning by 65.4% in the fourth quarter. RiverFront Investment Group LLC now owns 14,718 shares of the electronics maker's stock worth $1,289,000 after buying an additional 5,818 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Citigroup lifted their price objective on Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Susquehanna lifted their price objective on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research report on Wednesday, April 29th. Morgan Stanley set a $180.00 price objective on Corning in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average price target of $177.92.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 10,000 shares of Corning stock in a transaction on Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the sale, the vice president owned 5,138 shares in the company, valued at $1,019,070.92. The trade was a 66.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction on 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 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 170,774 shares of company stock worth $28,148,435 over the last ninety days. Company insiders own 0.25% of the company's stock.

Corning Price Performance

Shares of GLW stock opened at $178.74 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06. The firm's 50-day moving average is $157.10 and its two-hundred day moving average is $120.55. Corning Incorporated has a 12 month low of $47.40 and a 12 month high of $211.79. The company has a market capitalization of $153.83 billion, a PE ratio of 85.52, a price-to-earnings-growth ratio of 2.74 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 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 company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the previous year, the firm earned $0.54 earnings per share. Corning'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. Analysts predict that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Friday, May 29th will be given a $0.28 dividend. 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 payout ratio is currently 53.59%.

Corning Company 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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