HBK Sorce Advisory LLC Invests $1.16 Million in Corning Incorporated $GLW

HBK Sorce Advisory LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the second quarter, Holdings Channel reports. The firm purchased 7,415 shares of the electronics maker’s stock, valued at approximately $1,162,000.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Corning in the 4th quarter worth approximately $921,435,000. Bank of New York Mellon Corp acquired a new position in shares of Corning during the 2nd quarter worth approximately $1,510,911,000. Capital Research Global Investors grew its position in shares of Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after purchasing an additional 5,831,873 shares in the last quarter. Polar Capital Holdings Plc grew its position in shares of Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock valued at $329,035,000 after purchasing an additional 2,348,125 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Corning by 102.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker’s stock valued at $399,505,000 after purchasing an additional 2,304,676 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.1%

GLW opened at $165.85 on Monday. The stock has a market capitalization of $142.86 billion, a PE ratio of 75.73, a P/E/G ratio of 2.12 and a beta of 1.14. Corning Incorporated has a one year low of $63.37 and a one year high of $271.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The business’s 50 day moving average price is $176.82 and its 200 day moving average price is $161.92.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning’s dividend payout ratio is currently 51.14%.

Insider Transactions at Corning

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares of the company’s stock, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the transaction, the senior vice president directly owned 94,400 shares of the company’s stock, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GLW. Weiss Ratings upgraded Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 7th. UBS Group restated a “buy” rating and issued a $196.00 target price on shares of Corning in a report on Wednesday, July 29th. Citigroup cut their target price on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research note 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 report on Sunday, August 2nd. Finally, Barclays lowered their price target on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $174.08.

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.