Provident Investment Management Inc. Purchases Shares of 269,006 Corning Incorporated $GLW

Key Points

• Provident Investment Management opened a new position in Corning (GLW), acquiring 269,006 shares in Q3 worth about $22.07 million, roughly 1.9% of its portfolio and its 21st largest holding.
• Analysts have grown more bullish—Bank of America raised its target to $144 and Citigroup to $170—leaving the stock with an average "Moderate Buy" consensus and an average price target of $131.75.
• Corning recently beat quarterly estimates (EPS $0.72 vs. $0.71; revenue $4.41B, +13.9% YoY), set Q1 2026 guidance of $0.66–$0.70, and declared a $0.28 quarterly dividend (≈0.9% yield).

Provident Investment Management Inc. acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 269,006 shares of the electronics maker's stock, valued at approximately $22,067,000. Corning makes up about 1.9% of Provident Investment Management Inc.'s investment portfolio, making the stock its 21st largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Corning during the third quarter worth $25,000. Strengthening Families & Communities LLC purchased a new position in Corning in the third quarter valued at $27,000. Total Investment Management Inc. purchased a new position in Corning in the second quarter valued at $28,000. Cornerstone Planning Group LLC raised its position in shares of Corning by 58.5% in the third quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker's stock worth $30,000 after acquiring an additional 124 shares during the period. Finally, Financial Management Professionals Inc. raised its position in shares of Corning by 111.1% in the third quarter. Financial Management Professionals Inc. now owns 380 shares of the electronics maker's stock worth $31,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Bank of America raised their target price on Corning from $120.00 to $144.00 and gave the company a "buy" rating in a research report on Thursday, March 12th. Weiss Ratings raised Corning from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, February 17th. HSBC reiterated a "buy" rating and set a $135.00 price target on shares of Corning in a research report on Friday, February 13th. Citigroup boosted their price objective on Corning from $120.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, February 25th. Finally, Barclays set a $100.00 target price on Corning in a research note on Thursday, January 29th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $131.75.

Corning Stock Down 1.6%

Shares of NYSE GLW opened at $129.91 on Wednesday. The firm has a market cap of $111.46 billion, a price-to-earnings ratio of 70.60, a price-to-earnings-growth ratio of 2.08 and a beta of 1.05. The company's 50-day simple moving average is $119.42 and its 200-day simple moving average is $96.37. The company has a quick ratio of 1.04, a current ratio of 1.59 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $162.10.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The electronics maker reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.01. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.35 billion. Corning had a net margin of 10.21% and a return on equity of 18.72%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. Corning has set its Q1 2026 guidance at 0.660-0.700 EPS. Equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. Corning's dividend payout ratio is presently 60.87%.

Insiders Place Their Bets

In related news, SVP Li Fang sold 9,797 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $113.51, for a total value of $1,112,057.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 15,366 shares of the firm's stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $130.22, for a total value of $2,000,960.52. Following the completion of the transaction, the executive vice president owned 3,461 shares in the company, valued at $450,691.42. The trade was a 81.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 233,201 shares of company stock valued at $32,614,558. 0.32% of the stock is 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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