Provident Investment Management Inc. Purchases 28,810 Shares of Corning Incorporated $GLW

Provident Investment Management Inc. boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 297,816 shares of the electronics maker’s stock after buying an additional 28,810 shares during the period. Corning makes up approximately 2.4% of Provident Investment Management Inc.’s investment portfolio, making the stock its 19th biggest position. Provident Investment Management Inc.’s holdings in Corning were worth $26,077,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after acquiring an additional 2,114 shares during the last quarter. Retirement Planning Co of New England Inc. purchased a new stake in Corning in the first quarter valued at approximately $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Corning by 9.3% in 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 in the last quarter. Sivia Capital Partners LLC purchased a new position in Corning in the 2nd quarter worth approximately $401,000. Finally, Schnieders Capital Management LLC. purchased a new position in Corning in the 2nd quarter worth approximately $266,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GLW. Mizuho set a $145.00 price target on shares of Corning in a report on Monday, February 23rd. Wolfe Research set a $130.00 price target on Corning and gave the company an “outperform” rating in a research report on Tuesday, January 27th. Truist Financial upped their price objective on Corning from $125.00 to $149.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Weiss Ratings raised Corning from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, February 17th. Finally, Oppenheimer boosted their target price on Corning from $120.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $172.15.

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 137,514 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $155.37, for a total value of $21,365,550.18. Following the transaction, the chief executive officer owned 750,585 shares in the company, valued at approximately $116,618,391.45. The trade was a 15.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Z. Zhang sold 1,531 shares of the company’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $133.75, for a total transaction of $204,771.25. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 140,628 shares of company stock valued at $21,774,117 in the last quarter. Insiders own 0.25% of the company’s stock.

Corning Trading Up 10.7%

Shares of GLW stock opened at $206.99 on Tuesday. The business has a 50-day moving average of $152.13 and a 200 day moving average of $116.67. 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 Incorporated has a 1-year low of $46.34 and a 1-year high of $208.92. The stock has a market capitalization of $178.14 billion, a PE ratio of 99.04, a P/E/G ratio of 2.68 and a beta of 1.14.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, May 29th. Corning’s dividend payout ratio is currently 53.59%.

Corning Company 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.