Norges Bank Makes New $921.44 Million Investment in Corning Incorporated $GLW

Norges Bank purchased a new position in Corning Incorporated (NYSE:GLW) during the 4th quarter, Holdings Channel reports. The firm purchased 10,523,469 shares of the electronics maker’s stock, valued at approximately $921,435,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of GLW. Capital Research Global Investors acquired a new stake in Corning in the 3rd quarter worth $907,164,000. WCM Investment Management LLC acquired a new stake in Corning in the 3rd quarter worth $676,931,000. Wellington Management Group LLP grew its position in Corning by 30.3% in the 3rd quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock worth $1,358,211,000 after purchasing an additional 3,848,540 shares during the last quarter. Polar Capital Holdings Plc grew its position in Corning by 141.2% in the 3rd quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock worth $329,035,000 after purchasing an additional 2,348,125 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Corning in the 3rd quarter worth $185,221,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on GLW shares. JPMorgan Chase & Co. raised their price target on shares of Corning from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Oppenheimer lifted their target price on shares of Corning from $120.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Morgan Stanley set a $180.00 target price on shares of Corning in a research report on Friday, May 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a research report on Friday, May 15th. Finally, HSBC reiterated a “buy” rating and set a $135.00 target price on shares of Corning in a research report on Friday, February 13th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $177.92.

Insider Activity

In other Corning news, SVP Jaymin Amin sold 27,395 shares of the business’s 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 transaction, the senior vice president directly owned 94,400 shares in the company, valued at $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michaune D. Tillman sold 3,260 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares in the company, valued at approximately $2,106,221.48. This trade represents a 24.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 60,655 shares of company stock valued at $12,046,561 in the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

Corning Price Performance

Shares of Corning stock opened at $181.37 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The firm’s 50-day simple moving average is $167.47 and its 200-day simple moving average is $126.60. Corning Incorporated has a twelve month low of $48.88 and a twelve month high of $211.79. The firm has a market cap of $156.09 billion, a P/E ratio of 86.78, a price-to-earnings-growth ratio of 2.59 and a beta of 1.14.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same period in the previous year, the business earned $0.54 EPS. The firm’s revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, research analysts expect that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Friday, May 29th will be given a $0.28 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.12 dividend on an annualized basis and a yield of 0.6%. Corning’s payout ratio is 53.59%.

About Corning

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.