Geneva Partners LLC Makes New $12.70 Million Investment in Corning Incorporated $GLW

Geneva Partners LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 49,702 shares of the electronics maker’s stock, valued at approximately $12,695,000. Corning accounts for approximately 3.4% of Geneva Partners LLC’s portfolio, making the stock its 10th biggest position.

Other hedge funds have also modified their holdings of the company. Berbice Capital Management LLC acquired a new position in Corning during the 4th quarter worth $26,000. Basepoint Wealth LLC acquired a new stake in Corning in the 4th quarter valued at about $26,000. Atwood & Palmer Inc. purchased a new position in shares of Corning in the 2nd quarter valued at about $26,000. Kemnay Advisory Services Inc. acquired a new position in shares of Corning during the fourth quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in shares of Corning during the fourth quarter worth about $31,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on GLW. 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. Bank of America boosted their price target on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a report on Monday, July 6th. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Mizuho decreased their price objective on shares of Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Finally, Barclays decreased their price objective on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $174.08.

Insider Activity

In related news, SVP Jaymin Amin sold 27,395 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the sale, the senior vice president directly owned 94,400 shares of the company’s stock, valued at $18,138,016. This represents a 22.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was 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 in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.25% of the company’s stock.

Corning Stock Down 4.6%

Shares of NYSE:GLW opened at $152.52 on Thursday. The company has a market capitalization of $131.38 billion, a PE ratio of 69.64, a P/E/G ratio of 2.05 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. Corning Incorporated has a twelve month low of $63.37 and a twelve month high of $271.78. The firm has a 50 day simple moving average of $175.94 and a 200-day simple moving average of $163.10.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same period last year, the firm posted $0.60 EPS. The company’s revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities analysts predict that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

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

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.