Corning Incorporated $GLW Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 4.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,740,855 shares of the electronics maker’s stock after selling 87,657 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Corning were worth $236,704,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Berbice Capital Management LLC acquired a new stake in Corning during the 4th quarter worth $26,000. Basepoint Wealth LLC purchased a new position in shares of Corning during the fourth quarter worth about $26,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Corning during the fourth quarter worth about $27,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of Corning in the 4th quarter valued at about $31,000. Finally, JPL Wealth Management LLC purchased a new stake in shares of Corning in the 3rd quarter valued at about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on GLW. Mizuho raised their price target on Corning from $220.00 to $270.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Citigroup increased their price objective on Corning from $175.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Bank of America raised their target price on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research report on Monday. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $193.54.

Insider Activity

In other Corning news, SVP Jaymin Amin sold 27,395 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the transaction, the senior vice president owned 94,400 shares in the company, valued at approximately $18,138,016. This represents a 22.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michaune D. Tillman sold 3,260 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the sale, the senior vice president owned 10,174 shares of the company’s stock, valued at $2,106,221.48. This trade represents a 24.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 160,655 shares of company stock valued at $30,692,560. 0.25% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of GLW stock opened at $192.53 on Friday. The stock has a market capitalization of $165.70 billion, a PE ratio of 92.12, a price-to-earnings-growth ratio of 2.41 and a beta of 1.09. Corning Incorporated has a 52-week low of $51.32 and a 52-week high of $271.78. The stock’s 50-day moving average price is $192.40 and its 200 day moving average price is $149.67. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same period last year, the firm earned $0.54 EPS. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts forecast that Corning Incorporated will post 3.19 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is 53.59%.

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.