Herbst Group LLC Purchases New Shares in Corning Incorporated $GLW

Herbst Group LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, Holdings Channel reports. The firm acquired 17,516 shares of the electronics maker’s stock, valued at approximately $4,474,000. Corning accounts for about 2.4% of Herbst Group LLC’s holdings, making the stock its 13th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Berbice Capital Management LLC purchased a new stake in shares of Corning during the 4th quarter valued at about $26,000. Basepoint Wealth LLC bought a new position in shares of Corning in the 4th quarter valued at about $26,000. Atwood & Palmer Inc. purchased a new position in Corning in the second quarter worth about $26,000. Kemnay Advisory Services Inc. purchased a new position in Corning in the fourth quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC bought a new stake in Corning during the fourth quarter worth approximately $31,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Corning stock opened at $165.65 on Monday. The company has a 50 day moving average price of $179.73 and a 200-day moving average price of $159.52. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a fifty-two week low of $63.37 and a fifty-two week high of $271.78. The company has a market capitalization of $142.69 billion, a PE ratio of 75.64, a P/E/G ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.Corning’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the firm 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 year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 dividend yield of 0.7%. Corning’s dividend payout ratio is presently 51.14%.

Insiders Place Their Bets

In other news, 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 transaction of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction dated 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 of the company’s stock, valued at $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on GLW shares. Morgan Stanley decreased their price objective on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen raised Corning from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Barclays decreased their price target on Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Citigroup lowered their price target on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Finally, Weiss Ratings raised shares of Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $174.08.

Corning 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.