Silverlake Wealth Management LLC Acquires Shares of 7,329 Corning Incorporated $GLW

Key Points

• Silverlake Wealth Management initiated a Corning position by purchasing 7,329 shares valued at approximately $1.87 million. Institutional investors collectively own 69.8% of Corning’s outstanding stock.
• Analyst sentiment remains positive overall, with 11 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $174.08, despite several recent target-price cuts.
• Corning beat quarterly estimates with $0.78 in earnings per share and $4.74 billion in revenue, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, or $1.12 annualized.

Silverlake Wealth Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,329 shares of the electronics maker's stock, valued at approximately $1,872,000.

Several other large investors have also made changes to their positions in GLW. Vanguard Group Inc. increased its position in Corning by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock worth $8,693,247,000 after purchasing an additional 580,678 shares during the period. State Street Corp raised its holdings in Corning by 1.2% during the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock worth $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC lifted its position in Corning by 2.6% during the 4th 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 lifted its position in Corning by 52.7% during the 4th 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. boosted its stake in shares of Corning by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after purchasing an additional 1,036,988 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Morgan Stanley lowered their price target on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Bank of America raised their price objective on shares of Corning from $223.00 to $243.00 and gave the company a "buy" rating in a research note on Monday, July 6th. Mizuho lowered their target price on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Citigroup dropped their target price on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, July 29th. Finally, Susquehanna increased their price target on Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research note on Wednesday, April 29th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $174.08.

Corning Price Performance

Corning stock opened at $165.85 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $142.86 billion, a P/E ratio of 75.73, a PEG ratio of 2.12 and a beta of 1.14. The business has a 50-day moving average of $176.82 and a 200-day moving average of $161.45. 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 quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same period last year, the company posted $0.60 EPS. Corning's revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.7%. Corning's dividend payout ratio (DPR) is 51.14%.

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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