Korea Investment CORP Buys Shares of 611,694 Corning Incorporated $GLW

Korea Investment CORP purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 611,694 shares of the electronics maker’s stock, valued at approximately $156,245,000.

A number of other hedge funds have also modified their holdings of GLW. Atwood & Palmer Inc. acquired a new position in Corning in the 2nd quarter worth about $26,000. First Community Trust NA acquired a new stake in shares of Corning during the 2nd quarter valued at about $72,000. N.E.W. Advisory Services LLC acquired a new position in Corning in the second quarter worth approximately $76,000. Berbice Capital Management LLC bought a new position in Corning during the fourth quarter valued at approximately $26,000. Finally, Basepoint Wealth LLC bought a new position in Corning during the fourth quarter valued at approximately $26,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 1.0%

Corning stock opened at $149.91 on Friday. The firm has a market capitalization of $129.13 billion, a PE ratio of 68.45, a PEG ratio of 1.94 and a beta of 1.14. The business’s 50-day simple moving average is $174.83 and its 200-day simple moving average is $163.35. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a 52 week low of $65.09 and a 52 week high of $271.78.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $4.63 billion. During the same period in the previous year, the company earned $0.60 earnings per share. The company’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. Equities research analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Announces Dividend

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

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on GLW shares. Barclays decreased their target price 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. Zacks Research cut shares of Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Morgan Stanley lowered their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Mizuho cut their target price on Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Finally, Truist Financial raised 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 research report on Sunday, August 2nd. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $174.08.

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.