Focused Alpha LLC Makes New Investment in Corning Incorporated $GLW

Focused Alpha LLC acquired a new position in Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 7,690 shares of the electronics maker’s stock, valued at approximately $1,964,000.

A number of other hedge funds also recently bought and sold shares of GLW. Atwood & Palmer Inc. purchased a new stake in shares of Corning during the 2nd quarter worth $26,000. First Community Trust NA acquired a new stake in Corning in the 2nd quarter worth approximately $72,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Corning during the second quarter worth $76,000. Berbice Capital Management LLC purchased a new stake in Corning during the 4th quarter valued at about $26,000. Finally, Basepoint Wealth LLC purchased a new stake in Corning in the fourth quarter valued at approximately $26,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 4.4%

Shares of NYSE GLW opened at $173.29 on Tuesday. The business’s 50 day moving average is $176.54 and its two-hundred day moving average is $162.37. Corning Incorporated has a 52-week low of $63.37 and a 52-week high of $271.78. 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 cap of $149.27 billion, a price-to-earnings ratio of 79.13, a PEG ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW) last announced 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. The company had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.Corning’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period last year, the business posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts predict that Corning Incorporated will post 3.27 EPS 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 0.6%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s payout ratio is presently 51.14%.

Insider Transactions at Corning

In related news, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction on 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 transaction, the senior vice president owned 94,400 shares of the company’s stock, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction dated 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 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 disclosure for this sale is available in the SEC filing. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wall Street Zen downgraded Corning from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and cut their price target for the stock from $205.00 to $175.00 in a report on Sunday, August 2nd. Oppenheimer reduced their target price on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Citigroup decreased their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. Finally, Mizuho reduced their price objective on Corning from $270.00 to $210.00 and set an “outperform” rating on the stock 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.08.

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.