Corning Incorporated $GLW Position Cut by Convergence Investment Partners LLC

Convergence Investment Partners LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 40.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,035 shares of the electronics maker’s stock after selling 10,120 shares during the period. Convergence Investment Partners LLC’s holdings in Corning were worth $2,044,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GLW. Beirne Wealth Consulting Services LLC increased its holdings in shares of Corning by 0.8% during the first quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock valued at $1,094,000 after purchasing an additional 64 shares during the period. Balefire LLC grew its position in Corning by 0.7% in the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock valued at $1,305,000 after buying an additional 65 shares in the last quarter. Millstone Evans Group LLC increased its stake in Corning by 1.3% during the 1st quarter. Millstone Evans Group LLC now owns 5,393 shares of the electronics maker’s stock valued at $733,000 after buying an additional 67 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Corning by 1.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock worth $623,000 after buying an additional 70 shares in the last quarter. Finally, Caldwell Trust Co lifted its stake in shares of Corning by 0.5% in the 1st quarter. Caldwell Trust Co now owns 15,893 shares of the electronics maker’s stock worth $2,161,000 after acquiring an additional 74 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, VP John Z. Zhang sold 10,000 shares of Corning stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the transaction, the vice president owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. This trade represents a 66.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 20,000 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $206.23, for a total value of $4,124,600.00. Following the sale, the senior vice president owned 25,570 shares in the company, valued at approximately $5,273,301.10. The trade was a 43.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 160,655 shares of company stock valued at $30,692,560 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Corning Stock Down 1.1%

GLW stock opened at $152.97 on Tuesday. Corning Incorporated has a 12 month low of $53.29 and a 12 month high of $271.78. The firm has a market cap of $131.65 billion, a PE ratio of 73.19, a P/E/G ratio of 2.03 and a beta of 1.09. The firm has a 50 day simple moving average of $191.73 and a 200 day simple moving average of $153.75. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities research analysts forecast that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued 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 53.59%.

Wall Street Analyst Weigh In

A number of research firms recently commented on GLW. JPMorgan Chase & Co. raised their price objective on shares of Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Bank of America increased their price target on Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research note on Monday, July 6th. UBS Group set a $243.00 price target on Corning in a research report on Monday, July 6th. Citigroup boosted their price objective on Corning from $225.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Wall Street Zen upgraded Corning from a “hold” rating to a “buy” rating in a report on Saturday. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $194.69.

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.