Cornerstone Advisors LLC Takes Position in Corning Incorporated $GLW

Cornerstone Advisors LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 93,096 shares of the electronics maker’s stock, valued at approximately $23,780,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Atwood & Palmer Inc. bought a new stake in Corning during the 2nd quarter worth approximately $26,000. First Community Trust NA purchased a new stake in shares of Corning during the 2nd quarter valued at $72,000. N.E.W. Advisory Services LLC purchased a new stake in Corning during the second quarter worth about $76,000. Berbice Capital Management LLC purchased a new stake in shares of Corning during the 4th quarter worth approximately $26,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Corning in the fourth quarter valued at $26,000. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Jaymin Amin sold 27,395 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the sale, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on 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 in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on GLW. JPMorgan Chase & Co. lowered their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. UBS Group reaffirmed a “buy” rating and issued a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Weiss Ratings raised shares of Corning from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 7th. Susquehanna boosted their target price on Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a research report on Wednesday, April 29th. Finally, Bank of America boosted their price target on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $174.08.

Corning Stock Up 4.4%

Shares of Corning stock opened at $173.29 on Tuesday. Corning Incorporated has a 12-month low of $63.37 and a 12-month high of $271.78. The company has a market cap of $149.27 billion, a P/E ratio of 79.13, a PEG ratio of 2.12 and a beta of 1.14. The company’s fifty day simple moving average is $176.54 and its two-hundred day simple moving average is $162.37. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning’s payout ratio is presently 51.14%.

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.