Canada Pension Plan Investment Board Purchases Shares of 1,309,455 Corning Incorporated $GLW

Canada Pension Plan Investment Board purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,309,455 shares of the electronics maker’s stock, valued at approximately $334,474,000.

A number of other hedge funds have also recently made changes to their positions in GLW. State Street Corp grew its holdings in shares of Corning by 1.2% during the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock valued at $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC lifted its stake in Corning by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock worth $1,781,250,000 after purchasing an additional 517,067 shares during the last quarter. Capital Research Global Investors lifted its stake in Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Corning by 8.1% during the second quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock valued at $724,432,000 after buying an additional 1,036,988 shares during the period. Finally, Norges Bank purchased a new stake in Corning during the fourth quarter valued at about $921,435,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GLW shares. Oppenheimer decreased their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. JPMorgan Chase & Co. dropped their target price on Corning from $200.00 to $170.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and reduced their price target for the stock from $205.00 to $175.00 in a research report on Sunday, August 2nd. Morgan Stanley decreased their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 29th. Finally, Citigroup lowered their price objective on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $174.08.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the sale, the chief executive officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $147.45 on Wednesday. The company’s fifty day simple moving average is $173.41 and its two-hundred day simple moving average is $164.22. Corning Incorporated has a 12-month low of $66.14 and a 12-month high of $271.78. The firm has a market cap of $127.01 billion, a PE ratio of 67.33, a price-to-earnings-growth ratio of 1.86 and a beta of 1.14. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.8%. Corning’s dividend payout ratio (DPR) is 51.14%.

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.