VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Position in Corning Incorporated $GLW

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Corning Incorporated (NYSE:GLW) in the second quarter, Holdings Channel reports. The institutional investor bought 80,004 shares of the electronics maker’s stock, valued at approximately $20,435,000.

Several other hedge funds and other institutional investors have also bought and sold shares of GLW. Berbice Capital Management LLC bought a new position in Corning during the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning in the 4th quarter worth approximately $26,000. Atwood & Palmer Inc. bought a new stake in shares of Corning in the 2nd quarter worth approximately $26,000. Rogco LP purchased a new stake in shares of Corning in the 2nd quarter valued at $27,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Corning in the 4th quarter valued at $27,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.1%

Shares of GLW opened at $154.22 on Tuesday. The stock has a market capitalization of $132.84 billion, a P/E ratio of 70.42, a PEG ratio of 1.98 and a beta of 1.16. Corning Incorporated has a twelve month low of $70.06 and a twelve month high of $271.78. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm has a fifty day simple moving average of $162.71 and a two-hundred day simple moving average of $165.56.

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

Corning Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and reduced their target price for the company from $205.00 to $175.00 in a report on Sunday, August 2nd. Citigroup lowered their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Morgan Stanley cut their price target on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Finally, Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $174.08.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

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.