Corning Incorporated $GLW Stock: Robbins Farley Increases Stake

Robbins Farley boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 5,478.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 11,156 shares of the electronics maker’s stock after purchasing an additional 10,956 shares during the quarter. Robbins Farley’s holdings in Corning were worth $1,715,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. State Street Corp lifted its holdings in shares of Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after buying an additional 4,845,027 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after acquiring an additional 4,231,507 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after acquiring an additional 4,446,514 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Corning in the second quarter worth $1,510,911,000. Finally, Legal & General Group Plc bought a new position in Corning during the second quarter worth $1,212,283,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Corning Trading Down 0.4%

Shares of GLW opened at $132.16 on Wednesday. The stock’s 50-day moving average price is $153.14 and its 200 day moving average price is $168.85. 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 market capitalization of $113.84 billion, a price-to-earnings ratio of 60.35, a P/E/G ratio of 1.69 and a beta of 1.13. Corning Incorporated has a 12-month low of $77.39 and a 12-month high of $271.78.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 the consensus estimate of $4.63 billion. During the same quarter last year, the company earned $0.60 EPS. The company’s quarterly revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts predict that Corning Incorporated will post 3.29 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning’s payout ratio is currently 51.14%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GLW. Bank of America dropped their target price on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Sanford C. Bernstein started coverage on shares of Corning in a report on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 price target for the company. Citigroup reduced their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Weiss Ratings lowered shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $177.56.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.