5,275 Corning Incorporated $GLW Shares Sold by Cornerstone Enterprises LLC

Cornerstone Enterprises LLC cut its position in Corning Incorporated (NYSE:GLW) by 32.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,210 shares of the electronics maker’s stock after selling 5,275 shares during the quarter. Corning makes up about 1.0% of Cornerstone Enterprises LLC’s holdings, making the stock its 20th biggest position. Cornerstone Enterprises LLC’s holdings in Corning were worth $1,724,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in Corning during the 2nd quarter worth $1,510,911,000. State Street Corp grew its position in shares of Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Corning in the second quarter valued at about $1,212,283,000. Wellington Management Group LLP grew its position in shares of Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after purchasing an additional 4,446,514 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after purchasing an additional 4,231,507 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $138.31 on Friday. The stock has a market cap of $119.14 billion, a P/E ratio of 63.16, a PEG ratio of 1.80 and a beta of 1.13. Corning Incorporated has a one year low of $77.39 and a one year high of $271.78. The company has a fifty day moving average price of $154.85 and a 200 day moving average price of $168.92. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts anticipate that Corning Incorporated will post 3.28 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning’s dividend payout ratio (DPR) is 51.14%.

Insiders Place Their Bets

In related news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Truist Financial boosted their price objective on Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. Morgan Stanley decreased their target price on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Oppenheimer lowered their target price on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Barclays lowered their target price on Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Finally, Citigroup dropped their price target on Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $177.56.

Corning Profile

Corning Incorporated (NYSE: GLW) is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.