Legal & General Group Plc Lowers Stock Position in Corning Incorporated $GLW

Legal & General Group Plc lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 5.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,083,552 shares of the electronics maker’s stock after selling 317,165 shares during the quarter. Legal & General Group Plc’s holdings in Corning were worth $445,116,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GLW. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Corning during the third quarter worth about $25,000. Berbice Capital Management LLC acquired a new stake in shares of Corning during the fourth quarter worth about $26,000. Strengthening Families & Communities LLC acquired a new stake in shares of Corning during the third quarter worth about $27,000. Cornerstone Planning Group LLC lifted its position in shares of Corning by 58.5% during the third quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker’s stock worth $30,000 after purchasing an additional 124 shares in the last quarter. Finally, JPL Wealth Management LLC acquired a new stake in shares of Corning during the third quarter worth about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GLW shares. Truist Financial increased their price target on shares of Corning from $125.00 to $149.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Citigroup increased their price target on shares of Corning from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Barclays increased their price target on shares of Corning from $149.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Morgan Stanley set a $180.00 price target on shares of Corning in a research report on Friday, May 8th. Finally, Zacks Research raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $177.92.

Insider Activity

In other Corning news, SVP Michaune D. Tillman sold 3,260 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $207.02, for a total value of $674,885.20. Following the transaction, the senior vice president directly owned 10,174 shares in the company, valued at $2,106,221.48. This represents a 24.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 137,514 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $155.37, for a total transaction of $21,365,550.18. Following the completion of the transaction, the chief executive officer owned 750,585 shares in the company, valued at $116,618,391.45. This represents a 15.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 170,774 shares of company stock worth $28,148,435 in the last ninety days. 0.25% of the stock is owned by insiders.

Corning Stock Down 0.1%

Shares of NYSE:GLW opened at $193.83 on Tuesday. The firm’s 50 day moving average price is $162.85 and its 200 day moving average price is $124.03. The stock has a market cap of $166.82 billion, a price-to-earnings ratio of 92.74, a price-to-earnings-growth ratio of 2.78 and a beta of 1.14. Corning Incorporated has a fifty-two week low of $47.67 and a fifty-two week high of $211.79. 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 issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm’s revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts predict that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning’s dividend payout ratio (DPR) is 53.59%.

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.