Private Advisory Group LLC Purchases New Stake in Corning Incorporated $GLW

Key Points

• Private Advisory Group LLC acquired 84,851 Corning shares worth approximately $21.7 million in the second quarter, making Corning about 1.2% of the firm’s portfolio. Institutional investors collectively own 69.8% of the company.
• Corning exceeded quarterly expectations with adjusted EPS of $0.78 and revenue of $4.74 billion, up 17.1% year over year, and guided for third-quarter EPS of $0.85–$0.89.
• The company declared a quarterly dividend of $0.28 per share, representing a 0.7% annualized yield, while analysts maintain a “Moderate Buy” consensus with an average price target of $174.08.

Private Advisory Group LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 84,851 shares of the electronics maker's stock, valued at approximately $21,673,000. Corning accounts for about 1.2% of Private Advisory Group LLC's holdings, making the stock its 24th biggest position.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Corning by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock valued at $8,693,247,000 after acquiring an additional 580,678 shares in the last quarter. State Street Corp increased its holdings in Corning by 1.2% in the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after purchasing an additional 439,883 shares in the last quarter. Geode Capital Management LLC raised its position in Corning by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock valued at $1,781,250,000 after purchasing an additional 517,067 shares during the period. Capital Research Global Investors raised its position in Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after purchasing an additional 5,831,873 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Corning by 8.1% during the second quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock worth $724,432,000 after purchasing an additional 1,036,988 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In other Corning news, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the sale, the senior vice president directly owned 94,400 shares in the company, valued at $18,138,016. The trade was a 22.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is owned by insiders.

Corning Stock Performance

NYSE:GLW opened at $165.85 on Friday. The firm has a 50-day moving average of $176.82 and a two-hundred day moving average of $161.45. 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 stock has a market cap of $142.86 billion, a P/E ratio of 75.73, a PEG ratio of 2.12 and a beta of 1.14. Corning Incorporated has a 1-year low of $63.37 and a 1-year high of $271.78.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued 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 0.7%. Corning's payout ratio is currently 51.14%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Susquehanna upped their target price on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research report on Wednesday, April 29th. Mizuho reduced their price target on Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 29th. Truist Financial upgraded Corning from a "hold" rating to a "buy" rating and decreased their price target for the stock from $205.00 to $175.00 in a report on Sunday, August 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Finally, Barclays dropped their price objective on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $174.08.

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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