Manchester Financial Inc. Cuts Holdings in Corning Incorporated $GLW

Manchester Financial Inc. reduced its holdings in Corning Incorporated (NYSE:GLW) by 75.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,058 shares of the electronics maker’s stock after selling 6,335 shares during the quarter. Manchester Financial Inc.’s holdings in Corning were worth $526,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Berbice Capital Management LLC purchased a new stake in shares of Corning during the 4th quarter worth $26,000. Basepoint Wealth LLC purchased a new position in shares of Corning in the 4th quarter valued at about $26,000. Atwood & Palmer Inc. purchased a new position in shares of Corning in the 2nd quarter valued at about $26,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Corning in the fourth quarter valued at about $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $31,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of several recent analyst reports. 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 decreased their price target on Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Oppenheimer lowered their price target on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Truist Financial raised Corning from a “hold” rating to a “buy” rating and dropped their price objective for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Finally, Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $174.08.

Corning Stock Down 2.6%

Shares of NYSE GLW opened at $148.87 on Friday. The firm’s 50-day moving average is $171.18 and its two-hundred day moving average is $164.60. The company has a market capitalization 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 Incorporated has a 12-month low of $66.14 and a 12-month high of $271.78. 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 (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.63 billion. During the same period last year, the company posted $0.60 EPS. The company’s revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities analysts anticipate that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.8%. Corning’s dividend payout ratio (DPR) is presently 51.14%.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the business’s 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 transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by company insiders.

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.