Public Sector Pension Investment Board Raises Stock Holdings in Corning Incorporated $GLW

Key Points

• The Public Sector Pension Investment Board increased its stake in Corning Incorporated by 7.6%, acquiring an additional 8,075 shares during the first quarter, bringing its total holdings to 114,667 shares valued at approximately $5.25 million.
• Corning reported a net margin of 5.77% and earnings per share (EPS) of $0.60 for the last quarter, exceeding analysts' expectations of $0.57.
• The company announced a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, reflecting strong shareholder returns.

Public Sector Pension Investment Board boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 7.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 114,667 shares of the electronics maker's stock after purchasing an additional 8,075 shares during the quarter. Public Sector Pension Investment Board's holdings in Corning were worth $5,249,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GLW. AIA Group Ltd bought a new position in shares of Corning during the 1st quarter worth approximately $1,640,000. Longfellow Investment Management Co. LLC grew its holdings in Corning by 117.7% in the first quarter. Longfellow Investment Management Co. LLC now owns 27,351 shares of the electronics maker's stock worth $1,252,000 after purchasing an additional 14,788 shares during the last quarter. Motley Fool Asset Management LLC increased its position in shares of Corning by 2.2% during the first quarter. Motley Fool Asset Management LLC now owns 39,854 shares of the electronics maker's stock worth $1,825,000 after purchasing an additional 856 shares in the last quarter. Nuveen LLC acquired a new position in shares of Corning during the first quarter worth $104,789,000. Finally, Aigen Investment Management LP lifted its holdings in shares of Corning by 17.0% during the 1st quarter. Aigen Investment Management LP now owns 36,200 shares of the electronics maker's stock valued at $1,657,000 after purchasing an additional 5,265 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Citigroup boosted their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Oppenheimer reaffirmed 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. Finally, Mizuho lifted their target price on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average target price of $65.17.

Insider Activity

In related 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 completion of the transaction, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the transaction, the chief financial officer directly owned 78,316 shares of the company's stock, valued at $4,877,520.48. The trade was a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock valued at $12,813,804 over the last 90 days. Company insiders own 0.40% of the company's stock.

Corning Stock Performance

NYSE GLW traded up $0.35 on Thursday, hitting $64.95. 1,622,470 shares of the company's stock traded hands, compared to its average volume of 5,612,888. The firm's 50-day moving average price is $56.55 and its two-hundred day moving average price is $50.42. The firm has a market capitalization of $55.64 billion, a PE ratio of 69.16, a P/E/G ratio of 1.45 and a beta of 1.08. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50.

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 the consensus estimate 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 during 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, analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. Corning's dividend payout ratio is presently 119.15%.

Corning Company Profile

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.