FirstWave Capital Management LLC Invests $1.82 Million in Corning Incorporated $GLW

FirstWave Capital Management LLC bought a new stake in Corning Incorporated (NYSE:GLW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,133 shares of the electronics maker’s stock, valued at approximately $1,822,000.

A number of other hedge funds have also recently modified their holdings of GLW. Raiffeisen Bank International AG raised its stake in Corning by 198.2% during the 2nd quarter. Raiffeisen Bank International AG now owns 222,293 shares of the electronics maker’s stock worth $56,838,000 after acquiring an additional 147,747 shares in the last quarter. Rogco LP purchased a new position in shares of Corning during the second quarter worth about $27,000. Premier Path Wealth Partners LLC increased its position in shares of Corning by 8.2% during the second quarter. Premier Path Wealth Partners LLC now owns 6,680 shares of the electronics maker’s stock worth $1,706,000 after purchasing an additional 505 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in shares of Corning by 103.2% during the second quarter. Concurrent Investment Advisors LLC now owns 48,540 shares of the electronics maker’s stock worth $12,399,000 after purchasing an additional 24,649 shares in the last quarter. Finally, NEOS Investment Management LLC lifted its holdings in shares of Corning by 12.6% in the 2nd quarter. NEOS Investment Management LLC now owns 125,922 shares of the electronics maker’s stock valued at $32,164,000 after purchasing an additional 14,106 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 5.6%

GLW opened at $154.22 on Friday. Corning Incorporated has a 52 week low of $70.06 and a 52 week high of $271.78. The business has a 50 day moving average price of $164.74 and a two-hundred day moving average price of $165.17. 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 company has a market cap of $132.84 billion, a PE ratio of 70.42, a P/E/G ratio of 1.87 and a beta of 1.16.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating 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 return on equity of 20.09% and a net margin of 11.20%.The company’s revenue 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. As a group, research analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed 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 is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Corning’s dividend payout ratio is presently 51.14%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Morgan Stanley reduced their price objective on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Barclays cut their target price on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Finally, Mizuho reduced their price target 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. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $174.08.

Insiders Place Their Bets

In other news, CEO Wendell Weeks sold 100,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lewis A. Steverson sold 13,100 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is currently 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.