Pinnacle Associates Ltd. Sells 6,155 Shares of Corning Incorporated $GLW

Pinnacle Associates Ltd. cut its position in Corning Incorporated (NYSE:GLW) by 2.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 297,649 shares of the electronics maker’s stock after selling 6,155 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Corning were worth $24,416,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GLW. Norges Bank purchased a new position in Corning in the 2nd quarter worth approximately $534,936,000. WCM Investment Management LLC purchased a new stake in Corning during the 3rd quarter valued at $676,931,000. Voya Investment Management LLC increased its holdings in shares of Corning by 748.0% in the 3rd quarter. Voya Investment Management LLC now owns 3,169,741 shares of the electronics maker’s stock worth $260,014,000 after purchasing an additional 2,795,948 shares in the last quarter. Raymond James Financial Inc. increased its holdings in shares of Corning by 93.0% in the 2nd quarter. Raymond James Financial Inc. now owns 3,407,608 shares of the electronics maker’s stock worth $179,206,000 after purchasing an additional 1,641,558 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock worth $5,151,301,000 after purchasing an additional 1,582,895 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GLW shares. Zacks Research downgraded Corning from a “strong-buy” rating to a “hold” rating in a report on Friday, November 21st. Oppenheimer set a $120.00 price objective on Corning in a report on Thursday, January 29th. Weiss Ratings raised Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 17th. Mizuho set a $145.00 target price on shares of Corning in a research note on Monday, February 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $100.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $125.42.

Insider Activity

In other news, EVP Lewis A. Steverson sold 15,366 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $130.22, for a total value of $2,000,960.52. Following the sale, the executive vice president directly owned 3,461 shares in the company, valued at approximately $450,691.42. This represents a 81.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Edward A. Schlesinger sold 21,104 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $104.55, for a total value of $2,206,423.20. Following the sale, the chief financial officer directly owned 54,780 shares of the company’s stock, valued at $5,727,249. This represents a 27.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 233,201 shares of company stock valued at $32,614,558. 0.32% of the stock is currently owned by corporate insiders.

Corning Trading Down 8.6%

Shares of GLW opened at $123.21 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.04. The firm has a market cap of $105.71 billion, a P/E ratio of 66.96, a price-to-earnings-growth ratio of 2.13 and a beta of 1.04. The company has a 50 day simple moving average of $113.50 and a two-hundred day simple moving average of $93.20. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $162.10.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 28th. The electronics maker reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.01. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.35 billion. Corning had a net margin of 10.21% and a return on equity of 18.72%. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Corning has set its Q1 2026 guidance at 0.660-0.700 EPS. On average, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Friday, February 27th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, February 27th. Corning’s payout ratio is 60.87%.

Corning 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.