Public Employees Retirement System of Ohio Increases Holdings in Corning Incorporated $GLW

Key Points

• The Public Employees Retirement System of Ohio increased its holdings in Corning Incorporated by 3.6%, now owning 284,000 shares valued at approximately $14.94 million.
• A significant number of institutional investors have also adjusted their positions in Corning, with 69.80% of the stock owned by hedge funds and other institutional entities.
• Analysts have raised their price targets for Corning, with Oppenheimer now setting a target of $72.00, up from a previous target of $55.00, and a consensus price target of $70.08 across analysts.

Public Employees Retirement System of Ohio raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 3.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 284,000 shares of the electronics maker's stock after buying an additional 9,987 shares during the period. Public Employees Retirement System of Ohio's holdings in Corning were worth $14,936,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Brighton Jones LLC boosted its position in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Corning in the 4th quarter valued at about $14,369,000. Centaurus Financial Inc. boosted its position in Corning by 3.0% in the 4th quarter. Centaurus Financial Inc. now owns 11,714 shares of the electronics maker's stock valued at $557,000 after buying an additional 340 shares during the last quarter. First Hawaiian Bank boosted its position in Corning by 8.9% in the 1st quarter. First Hawaiian Bank now owns 24,437 shares of the electronics maker's stock valued at $1,119,000 after buying an additional 1,991 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in Corning by 181.5% in the 1st quarter. Central Pacific Bank Trust Division now owns 59,062 shares of the electronics maker's stock valued at $2,704,000 after buying an additional 38,084 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GLW shares. Oppenheimer reissued an "outperform" rating and issued a $72.00 price objective (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. increased their price target on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Barclays increased their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Susquehanna reaffirmed a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $70.08.

Corning Stock Performance

Shares of NYSE GLW opened at $79.33 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The firm's 50-day moving average price is $68.01 and its two-hundred day moving average price is $54.67. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $81.58. The stock has a market capitalization of $67.96 billion, a P/E ratio of 84.39, a P/E/G ratio of 1.77 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter last year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Insider Transactions at Corning

In other news, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the sale, the executive vice president owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,671 shares of company stock valued at $11,816,899 over the last ninety days. Insiders own 0.40% of the company's stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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