Turn8 Private Wealth Inc. Acquires New Holdings in Corning Incorporated $GLW

Turn8 Private Wealth Inc. acquired a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,075 shares of the electronics maker’s stock, valued at approximately $780,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new position in shares of Corning during the 2nd quarter worth $1,510,911,000. State Street Corp raised its holdings in Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after buying an additional 4,845,027 shares during the period. Legal & General Group Plc purchased a new stake in Corning in the 2nd quarter valued at about $1,212,283,000. Wellington Management Group LLP raised its holdings in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after buying an additional 4,446,514 shares during the period. Finally, Bank of America Corp DE lifted its position in Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after buying an additional 4,231,507 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GLW shares. The Goldman Sachs Group reaffirmed an “outperform” rating on shares of Corning in a research note on Tuesday, September 15th. Mizuho reduced their price target on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 15th. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. Weiss Ratings cut shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Finally, UBS Group lowered their price objective on shares of Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $174.56.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Corning Price Performance

GLW stock opened at $112.21 on Wednesday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $96.66 billion, a PE ratio of 45.43, a P/E/G ratio of 1.43 and a beta of 1.23. Corning Incorporated has a 12-month low of $77.39 and a 12-month high of $271.78. The business’s fifty day moving average price is $143.08 and its 200 day moving average price is $155.76.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. Corning’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period last year, the business posted $0.67 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 3.38 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s dividend payout ratio is currently 45.34%.

More Corning News

Here are the key news stories impacting Corning this week:

• Positive Sentiment: Corning’s shares gained 32.5% over the past year, outperforming both its industry and the S&P 500, with AI infrastructure demand, optical communications growth, and solar expansion cited as drivers. GLW Stock Rises 32.5% in a Year: Is There Still Room to Grow?
• Positive Sentiment: Forty ETFs bought Corning shares on Nov. 5, while 16 sold, resulting in a reported net $47.6 million inflow. ETFs Bought $47.6 Million of Corning
• Neutral Sentiment: A technical analysis article describes GLW as oversold, suggesting the possibility of a bounce, but says the stock’s broader trend remains weak. Corning Stock Price Prediction
• Negative Sentiment: Coverage says the AI “picks-and-shovels” trade is retreating, a shift that can weigh on Corning given investor interest in its AI-related infrastructure exposure. The AI Picks-and-Shovels Trade Caves In
• Negative Sentiment: Sanford C. Bernstein cut its GLW price target to $120 from $140 and maintained a “market perform” rating, signaling more cautious expectations. Corning Price Targets

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.