Essex Bank Sells 4,528 Shares of Corning Incorporated $GLW

Essex Bank trimmed its stake in Corning Incorporated (NYSE:GLW) by 56.6% in the first quarter, HoldingsChannel reports. The firm owned 3,467 shares of the electronics maker’s stock after selling 4,528 shares during the period. Essex Bank’s holdings in Corning were worth $471,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Corning by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker’s stock valued at $8,693,247,000 after buying an additional 580,678 shares in the last quarter. State Street Corp boosted its holdings in Corning by 1.2% in the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock worth $3,035,836,000 after acquiring an additional 439,883 shares in the last quarter. Geode Capital Management LLC grew its stake in Corning by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock valued at $1,781,250,000 after acquiring an additional 517,067 shares during the period. Capital Research Global Investors increased its holdings in shares of Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after acquiring an additional 5,831,873 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock worth $1,358,211,000 after purchasing an additional 3,848,540 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 7.5%

Shares of Corning stock opened at $209.61 on Tuesday. The company has a market capitalization of $180.40 billion, a P/E ratio of 100.29, a price-to-earnings-growth ratio of 2.79 and a beta of 1.15. The stock has a fifty day simple moving average of $181.42 and a 200 day simple moving average of $138.52. Corning Incorporated has a 12-month low of $50.26 and a 12-month high of $212.39. 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) last issued 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. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business’s revenue was up 18.1% on a year-over-year basis. During the same period last year, the business earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.12 annualized dividend and a dividend yield of 0.5%. Corning’s dividend payout ratio is currently 53.59%.

Wall Street Analyst Weigh In

A number of brokerages have commented on GLW. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Mizuho raised their price objective on shares of Corning from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Bank of America lifted their price objective on shares of Corning from $155.00 to $186.00 and gave the company a “buy” rating in a report on Monday, April 20th. Truist Financial boosted their target price on shares of Corning from $149.00 to $205.00 and gave the stock a “hold” rating in a research report on Monday. Finally, Morgan Stanley set a $180.00 target price on shares of Corning in a report on Friday, May 8th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $182.62.

Insider Activity at Corning

In other Corning news, VP John Z. Zhang sold 10,000 shares of the 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 completion of the sale, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. This trade represents a 66.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the transaction, the senior vice president directly owned 94,400 shares in the company, valued at approximately $18,138,016. This represents a 22.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 160,655 shares of company stock valued at $30,692,560 over the last three months. 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.