Welch Group LLC Makes New Investment in Corning Incorporated $GLW

Key Points

• Welch Group LLC opened a new position in Corning during the first quarter, buying 5,051 shares valued at about $687,000.
• Several analysts remain constructive on Corning, with firms like Morgan Stanley, Bank of America, and Susquehanna raising or maintaining bullish targets; the stock carries a Moderate Buy consensus and an average price target of $182.62.
• Corning reported stronger-than-expected first-quarter results, including $0.70 EPS versus the $0.69 estimate and $4.34 billion in revenue, while also announcing a quarterly dividend of $0.28 per share.

Welch Group LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,051 shares of the electronics maker's stock, valued at approximately $687,000.

A number of other hedge funds have also recently modified their holdings of GLW. Berbice Capital Management LLC purchased a new stake in Corning in the fourth quarter worth about $26,000. Basepoint Wealth LLC purchased a new position in shares of Corning during the fourth quarter valued at approximately $26,000. MBM Wealth Consultants LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $42,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Corning in the 4th quarter worth approximately $27,000. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. Morgan Stanley set a $180.00 price target on Corning in a report on Friday, May 8th. Bank of America boosted their target price on shares of Corning from $155.00 to $186.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Susquehanna raised their price objective on shares of Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a report on Wednesday, April 29th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $182.62.

Corning Trading Down 2.2%

NYSE GLW opened at $223.00 on Friday. The stock has a market cap of $191.92 billion, a PE ratio of 106.70, a PEG ratio of 3.26 and a beta of 1.15. The company's 50-day moving average price is $184.70 and its 200-day moving average price is $141.72. Corning Incorporated has a 12 month low of $51.32 and a 12 month high of $230.50. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The firm's quarterly revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities research analysts forecast that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.5%. Corning's dividend payout ratio is presently 53.59%.

Insider Activity

In related news, VP John Z. Zhang sold 10,000 shares of the company's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the transaction, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 160,655 shares of company stock worth $30,692,560. Company insiders own 0.25% of the company's stock.

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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