VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Corning Incorporated $GLW

Key Points

• Virginia Retirement Systems purchased 80,004 Corning shares worth approximately $20.4 million in the second quarter. Institutional investors now own 69.8% of the company.
• Analysts maintain a “Moderate Buy” consensus on Corning, with 10 Buy ratings and six Holds and an average price target of $174.08, despite several recent target reductions.
• Corning exceeded quarterly expectations with $0.78 in adjusted earnings per share and $4.74 billion in revenue, while declaring a quarterly dividend of $0.28 per share, equivalent to a 0.7% yield.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 80,004 shares of the electronics maker's stock, valued at approximately $20,435,000.

A number of other hedge funds also recently modified their holdings of the stock. Security National Bank raised its stake in shares of Corning by 340.4% during the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker's stock valued at $6,350,000 after purchasing an additional 56,056 shares during the period. Herbst Group LLC purchased a new stake in Corning during the 2nd quarter worth about $4,474,000. Principal Financial Group Inc. boosted its stake in Corning by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock worth $121,483,000 after purchasing an additional 10,591 shares during the period. Wealthfront Advisers LLC boosted its stake in Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock worth $12,567,000 after purchasing an additional 24,589 shares during the period. Finally, Atlas Wealth LLC grew its holdings in Corning by 137.8% during the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker's stock valued at $1,642,000 after buying an additional 6,998 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup decreased their price target on Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a research report on Wednesday, July 29th. Barclays reduced their price objective on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 29th. UBS Group reaffirmed a "buy" rating and set a $196.00 target price on shares of Corning in a report on Wednesday, July 29th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Finally, Bank of America boosted their price target on shares of Corning from $223.00 to $243.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Performance

Shares of GLW opened at $154.22 on Tuesday. Corning Incorporated has a 12-month low of $70.06 and a 12-month high of $271.78. 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 company has a market cap of $132.84 billion, a PE ratio of 70.42, a price-to-earnings-growth ratio of 1.98 and a beta of 1.16. The stock has a 50-day moving average price of $162.71 and a 200-day moving average price of $165.56.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning's revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's payout ratio is currently 51.14%.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares of the company's stock, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by insiders.

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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