Legal & General Group Plc Buys Shares of 4,746,047 Corning Incorporated $GLW

Legal & General Group Plc purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,746,047 shares of the electronics maker’s stock, valued at approximately $1,212,283,000.

Other hedge funds have also made changes to their positions in the company. Alliance Wealth Advisors LLC grew its holdings in shares of Corning by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock valued at $1,033,000 after purchasing an additional 56 shares in the last quarter. Ares Financial Consulting LLC increased its stake in Corning by 15.6% during the 2nd quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock worth $113,000 after buying an additional 60 shares during the period. Signature Equity Partners LLC lifted its holdings in Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after buying an additional 62 shares in the last quarter. Beirne Wealth Consulting Services LLC lifted its holdings in Corning by 0.8% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock worth $1,094,000 after buying an additional 64 shares in the last quarter. Finally, Balefire LLC boosted 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 during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GLW. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Mizuho dropped their price target on shares of Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. UBS Group reissued a “buy” rating and set a $196.00 price objective on shares of Corning in a report on Wednesday, July 29th. Susquehanna increased their target price on shares of Corning from $125.00 to $180.00 and gave the company a “positive” rating in a research report on Wednesday, April 29th. Finally, Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and reduced their price target for the company from $205.00 to $175.00 in a research report on Sunday, August 2nd. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.08.

Insider Buying and Selling

In other news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s 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 sale, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Corning Stock Down 3.1%

Corning stock opened at $145.19 on Tuesday. The stock has a 50 day moving average of $174.00 and a two-hundred day moving average of $163.95. Corning Incorporated has a twelve month low of $65.75 and a twelve month high of $271.78. The stock has a market capitalization of $125.07 billion, a price-to-earnings ratio of 66.30, a PEG ratio of 1.92 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59.

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

Corning Dividend Announcement

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

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.