The Manufacturers Life Insurance Company Decreases Stake in Corning Incorporated $GLW

Key Points

• The Manufacturers Life Insurance Company cut its Corning stake by 8.9%, selling 41,084 shares and retaining 418,884 shares valued at approximately $57 million. Institutional investors collectively own 69.8% of Corning.
• Corning reported strong second-quarter results, with revenue rising 17% year over year to $4.74 billion and EPS of $0.78 beating estimates. However, third-quarter revenue guidance of $4.9 billion–$5.0 billion was viewed as merely in line with expectations, contributing to a selloff.
• Analysts maintain a consensus “Moderate Buy” rating, though several lowered price targets after the results; the company also declared a quarterly dividend of $0.28 per share, representing a 0.9% annualized yield.

The Manufacturers Life Insurance Company lowered its stake in Corning Incorporated (NYSE:GLW - Free Report) by 8.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 418,884 shares of the electronics maker's stock after selling 41,084 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Corning were worth $56,956,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Berbice Capital Management LLC bought a new stake in Corning in the 4th quarter worth $26,000. Basepoint Wealth LLC purchased a new position in shares of Corning in the fourth quarter valued at about $26,000. Kemnay Advisory Services Inc. bought a new position in shares of Corning during the fourth quarter valued at about $27,000. Litman Gregory Wealth Management LLC bought a new position in shares of Corning during the fourth quarter valued at about $31,000. Finally, Evolution Wealth Management Inc. boosted its holdings in shares of Corning by 58.8% during the fourth quarter. Evolution Wealth Management Inc. now owns 381 shares of the electronics maker's stock worth $33,000 after purchasing an additional 141 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Corning stock opened at $124.06 on Thursday. Corning Incorporated has a fifty-two week low of $61.44 and a fifty-two week high of $271.78. The stock's 50 day simple moving average is $185.16 and its two-hundred day simple moving average is $156.53. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.06 and a current ratio of 1.81. The stock has a market cap of $106.77 billion, a price-to-earnings ratio of 56.65, a PEG ratio of 1.66 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business's revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, analysts expect that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 0.9%. Corning's dividend payout ratio is 53.59%.

Trending Headlines about Corning

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning reported second-quarter revenue of $4.74 billion, up 17% year over year, while core EPS rose 30% to $0.78, exceeding the $0.76 consensus estimate. Corning Q2 results
• Positive Sentiment: Optical Communications sales increased 32% to $2.07 billion, led by a 65% gain in Enterprise Networks as generative-AI products continued to grow rapidly. Solar sales also climbed 90%, supporting revenue, margins and free cash flow. Corning beats Q2 estimates
• Positive Sentiment: Management highlighted demand from AI data centers and its Springboard plan, which is intended to accelerate sales and profitability. Corning’s fiber products are benefiting from the shift toward higher-bandwidth data-center networks. GLW AI growth plan
• Neutral Sentiment: Citigroup maintained a Buy rating but reduced its price target from $240 to $220. JPMorgan lowered its target from $200 to $170 and kept a Neutral rating, indicating analysts still see potential upside but have moderated expectations. Analyst target changes
• Negative Sentiment: Third-quarter revenue guidance of $4.9 billion to $5.0 billion was viewed as roughly in line with, rather than above, Wall Street’s $5.0 billion expectation. Although EPS guidance of $0.85-$0.89 exceeded the consensus midpoint, investors wanted a stronger outlook after the stock’s prior AI-driven rally. Corning guidance reaction
• Negative Sentiment: The guidance disappointment triggered a broad selloff in optical and AI infrastructure stocks. Analysts and market commentators also cited valuation concerns and a possible rotation away from recent AI winners, making the earnings beat insufficient to support the share price. Corning AI trade and guidance

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 10,000 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $198.34, for a total value of $1,983,400.00. Following the sale, the vice president directly owned 5,138 shares of the company's stock, valued at $1,019,070.92. This represents a 66.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michaune D. Tillman sold 3,260 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares of the company's stock, valued at approximately $2,106,221.48. The trade was a 24.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 160,655 shares of company stock valued at $30,692,560 in the last 90 days. Corporate insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. Oppenheimer reduced their price target on Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a report on Wednesday. Mizuho reduced their target price on Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a report on Wednesday. Zacks Research lowered Corning from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. Finally, Bank of America lifted their price target on shares of Corning from $223.00 to $243.00 and gave the company a "buy" rating in a report on Monday, July 6th. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $176.38.

Corning Company 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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