SIR Capital Management L.P. Takes $2.07 Million Position in Corning Incorporated $GLW

SIR Capital Management L.P. acquired a new stake in Corning Incorporated (NYSE:GLW) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 8,088 shares of the electronics maker’s stock, valued at approximately $2,066,000.

Other institutional investors have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after buying an additional 2,114 shares in the last quarter. Retirement Planning Co of New England Inc. bought a new stake in shares of Corning in the 1st quarter valued at approximately $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Corning by 9.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker’s stock valued at $2,962,000 after purchasing an additional 5,522 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Corning during the 2nd quarter valued at about $401,000. Finally, Schnieders Capital Management LLC. acquired a new stake in shares of Corning during the 2nd quarter worth approximately $266,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 3.1%

GLW opened at $145.19 on Tuesday. Corning Incorporated has a 12 month low of $65.75 and a 12 month high of $271.78. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The stock has a market cap of $125.07 billion, a P/E ratio of 66.30, a P/E/G ratio of 1.92 and a beta of 1.14. The stock’s 50 day moving average price is $174.00 and its 200 day moving average price is $163.95.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same quarter in the previous year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts predict that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.8%. Corning’s dividend payout ratio is presently 51.14%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and reduced their price objective for the company from $205.00 to $175.00 in a research report on Sunday, August 2nd. Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. UBS Group reissued a “buy” rating and set a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Morgan Stanley dropped their price objective on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Finally, Wall Street Zen downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus price target of $174.08.

Insiders Place Their Bets

In related news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction dated 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 in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by insiders.

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.