Provident Investment Management Inc. Increases Position in Corning Incorporated $GLW

Key Points

• Provident Investment Management boosted its Corning stake by 10.7% in the fourth quarter, adding 28,810 shares and bringing its total to 297,816 shares worth about $26.1 million.
• Corning’s latest quarterly results topped expectations, with EPS of $0.70 versus $0.69 expected and revenue of $4.35 billion versus $4.30 billion expected. Revenue rose 18.1% year over year, and the company issued Q2 2026 EPS guidance of $0.73 to $0.77.
• Several analysts raised price targets on GLW, with a consensus rating of “Moderate Buy” and an average target price of $172.15. The stock also has a quarterly dividend of $0.28 per share, payable June 29.

Provident Investment Management Inc. increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 10.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 297,816 shares of the electronics maker's stock after acquiring an additional 28,810 shares during the period. Corning comprises approximately 2.4% of Provident Investment Management Inc.'s portfolio, making the stock its 19th biggest holding. Provident Investment Management Inc.'s holdings in Corning were worth $26,077,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Patten & Patten Inc. TN boosted its position in Corning by 0.6% in the fourth quarter. Patten & Patten Inc. TN now owns 17,796 shares of the electronics maker's stock worth $1,558,000 after purchasing an additional 100 shares during the last quarter. Joel Isaacson & Co. LLC grew its stake in Corning by 0.5% in the 4th quarter. Joel Isaacson & Co. LLC now owns 20,518 shares of the electronics maker's stock valued at $1,797,000 after purchasing an additional 102 shares during the period. CVA Family Office LLC increased its position in shares of Corning by 10.3% during the 3rd quarter. CVA Family Office LLC now owns 1,190 shares of the electronics maker's stock valued at $98,000 after purchasing an additional 111 shares during the last quarter. Angeles Wealth Management LLC raised its stake in shares of Corning by 2.8% during the 3rd quarter. Angeles Wealth Management LLC now owns 4,242 shares of the electronics maker's stock worth $348,000 after purchasing an additional 116 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC raised its stake in shares of Corning by 37.3% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 442 shares of the electronics maker's stock worth $39,000 after purchasing an additional 120 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corning news, COO Avery H. Nelson III sold 1,583 shares of the firm's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $128.74, for a total value of $203,795.42. Following the completion of the transaction, the chief operating officer owned 59,788 shares in the company, valued at $7,697,107.12. This trade represents a 2.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 1,531 shares of Corning stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $133.75, for a total value of $204,771.25. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 140,628 shares of company stock valued at $21,774,117. Corporate insiders own 0.25% of the company's stock.

Corning Trading Up 10.7%

Shares of GLW opened at $206.99 on Tuesday. Corning Incorporated has a fifty-two week low of $46.34 and a fifty-two week high of $208.92. The business has a 50-day moving average of $152.13 and a 200 day moving average of $116.67. The firm has a market cap of $178.14 billion, a P/E ratio of 99.04, a price-to-earnings-growth ratio of 2.68 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company's revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, research analysts forecast that Corning Incorporated will post 3.19 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed 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 0.5%. Corning's dividend payout ratio is 53.59%.

Analysts Set New Price Targets

Several research firms recently weighed in on GLW. Susquehanna increased their price target on shares of Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research report on Wednesday, April 29th. Barclays lifted their price objective on shares of Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Friday. UBS Group boosted their target price on shares of Corning from $179.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday. Citigroup increased their target price on shares of Corning from $175.00 to $225.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Weiss Ratings raised shares of Corning from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $172.15.

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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