Hennessy Advisors Inc. Acquires New Stake in Corning Incorporated $GLW

Hennessy Advisors Inc. acquired a new stake in Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 15,086 shares of the electronics maker’s stock, valued at approximately $3,853,000.

Other large investors also recently bought and sold shares of the company. Atwood & Palmer Inc. purchased a new stake in shares of Corning in the second quarter valued at approximately $26,000. Burk Holdings LLC purchased a new position in Corning in the second quarter worth $53,000. Delos Wealth Advisors LLC purchased a new position in Corning in the second quarter worth $55,000. Aberdeen Wealth Management LLC acquired a new stake in Corning in the second quarter valued at $57,000. Finally, Caitlin John LLC purchased a new stake in shares of Corning during the 2nd quarter worth $64,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.1%

Shares of Corning stock opened at $148.87 on Monday. The firm has a market cap of $128.24 billion, a PE ratio of 67.98, a P/E/G ratio of 1.91 and a beta of 1.14. The business’s fifty day moving average is $171.18 and its two-hundred day moving average is $164.84. Corning Incorporated has a fifty-two week low of $66.14 and a fifty-two week 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 announced 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. The firm had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning’s revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Corning’s payout ratio is presently 51.14%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GLW. JPMorgan Chase & Co. cut their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Bank of America increased their target price on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a report on Monday, July 6th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research note on Monday, August 24th. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and lowered their price target for the stock from $205.00 to $175.00 in a report on Sunday, August 2nd. Finally, Oppenheimer dropped their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $174.08.

Insider Activity

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction on Tuesday, June 9th. The shares were 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 owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate 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.