Levin Capital Strategies L.P. Sells 6,500 Shares of Corning Incorporated $GLW

Levin Capital Strategies L.P. reduced its position in Corning Incorporated (NYSE:GLW) by 68.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,000 shares of the electronics maker’s stock after selling 6,500 shares during the period. Levin Capital Strategies L.P.’s holdings in Corning were worth $408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Signature Equity Partners LLC boosted its position in Corning by 19.3% in the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after purchasing an additional 62 shares during the last quarter. Beirne Wealth Consulting Services LLC increased its position in shares of Corning by 0.8% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock valued at $1,094,000 after purchasing an additional 64 shares during the last quarter. Balefire LLC increased its position in shares of Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock valued at $1,305,000 after purchasing an additional 65 shares during the last quarter. Millstone Evans Group LLC lifted its stake in shares of Corning by 1.3% in the 1st quarter. Millstone Evans Group LLC now owns 5,393 shares of the electronics maker’s stock worth $733,000 after purchasing an additional 67 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Corning by 1.6% in the first quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock worth $623,000 after buying an additional 70 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.2%

Shares of NYSE:GLW opened at $155.91 on Friday. The stock has a 50 day moving average of $188.92 and a 200 day moving average of $155.20. The company has a market cap of $134.18 billion, a PE ratio of 74.60, a price-to-earnings-growth ratio of 2.03 and a beta of 1.09. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $54.89 and a 12-month high of $271.78.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter last year, the business earned $0.54 EPS. The firm’s revenue was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts expect that Corning Incorporated will post 3.18 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning’s dividend payout ratio is 53.59%.

Insider Activity

In related news, VP John Z. Zhang sold 10,000 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the transaction, the vice president owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction 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 sale, the chief executive officer owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on GLW. Zacks Research lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Morgan Stanley set a $180.00 price target on shares of Corning in a research report on Friday, May 8th. Citigroup lifted their price target on shares of Corning from $225.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Truist Financial boosted their price objective on shares of Corning from $149.00 to $205.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. Finally, Bank of America upped their price objective on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $194.69.

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.