Chapin Davis Inc. Has $1 Million Position in Corning Incorporated $GLW

Chapin Davis Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 93.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,926 shares of the electronics maker’s stock after selling 57,864 shares during the quarter. Chapin Davis Inc.’s holdings in Corning were worth $1,003,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GLW. Norges Bank bought a new position in shares of Corning in the fourth quarter valued at approximately $921,435,000. Bank of New York Mellon Corp bought a new stake in shares of Corning during the 2nd quarter worth $1,510,911,000. Capital Research Global Investors boosted its holdings in shares of Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after buying an additional 5,831,873 shares during the period. Legal & General Group Plc acquired a new position in Corning in the 2nd quarter valued at $1,212,283,000. Finally, Wellington Management Group LLP grew its stake in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after buying an additional 4,446,514 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of a number of research analyst reports. Mizuho cut their target price 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. Truist Financial raised Corning from a “hold” rating to a “buy” rating and lowered their price target for the company from $205.00 to $175.00 in a research report on Sunday, August 2nd. Morgan Stanley dropped their price objective on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 29th. Oppenheimer cut their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Finally, UBS Group restated a “buy” rating and set a $196.00 target price on shares of Corning in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $174.08.

Corning Price Performance

Shares of Corning stock opened at $148.87 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a fifty-two week low of $66.14 and a fifty-two week high of $271.78. The firm has a fifty day moving average price of $171.18 and a two-hundred day moving average price of $164.60. The company has a market cap of $128.24 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14.

Corning (NYSE:GLW) last posted its quarterly earnings data 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. The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts expect that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The company also recently declared 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 0.8%. The ex-dividend date is Monday, August 31st. Corning’s 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 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 completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is owned by corporate 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.