Sumitomo Life Insurance Co. Purchases Shares of 13,805 Corning Incorporated $GLW

Sumitomo Life Insurance Co. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,805 shares of the electronics maker’s stock, valued at approximately $3,526,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. Atwood & Palmer Inc. acquired a new position in Corning during the 2nd quarter worth approximately $26,000. First Community Trust NA acquired a new stake in Corning in the second quarter valued at approximately $72,000. N.E.W. Advisory Services LLC acquired a new stake in Corning in the second quarter valued at approximately $76,000. Berbice Capital Management LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $26,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $26,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. Oppenheimer cut their target price on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Truist Financial upgraded shares of Corning from a “hold” rating to a “buy” rating and decreased their price target for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Mizuho lowered their price objective on shares of Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. UBS Group reaffirmed a “buy” rating and issued a $196.00 price objective on shares of Corning in a research note on Wednesday, July 29th. Finally, Citigroup reduced their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $174.08.

Corning Stock Down 1.0%

Shares of NYSE:GLW opened at $149.91 on Friday. The stock has a market cap of $129.13 billion, a price-to-earnings ratio of 68.45, a PEG ratio of 1.94 and a beta of 1.14. The business’s 50 day moving average is $174.83 and its 200 day moving average is $163.35. Corning Incorporated has a 12-month low of $65.09 and a 12-month high of $271.78. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same period last year, the firm earned $0.60 earnings per share. The firm’s revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 dividend yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning’s payout ratio is presently 51.14%.

Insider Activity

In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

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.