D.B. Root & Company LLC Makes New $3.96 Million Investment in Corning Incorporated $GLW

D.B. Root & Company LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, HoldingsChannel reports. The fund bought 15,487 shares of the electronics maker’s stock, valued at approximately $3,956,000. Corning accounts for about 0.8% of D.B. Root & Company LLC’s investment portfolio, making the stock its 18th biggest holding.

A number of other large investors have also made changes to their positions in the stock. Berbice Capital Management LLC purchased a new position in Corning during the fourth quarter worth approximately $26,000. Basepoint Wealth LLC acquired a new position in shares of Corning during the 4th quarter valued at about $26,000. Atwood & Palmer Inc. acquired a new position in shares of Corning during the 2nd quarter valued at about $26,000. Kemnay Advisory Services Inc. purchased 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 Corning during the fourth quarter worth about $31,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 0.0%

Shares of GLW stock opened at $149.91 on Monday. Corning Incorporated has a fifty-two week low of $65.09 and a fifty-two week high of $271.78. The company has a 50 day moving average price of $174.83 and a 200 day moving average price of $163.72. The stock has a market capitalization of $129.13 billion, a P/E ratio of 68.45, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) 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 company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same period in the prior year, the business earned $0.60 EPS. The firm’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. Equities research analysts predict that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

The business 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. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio (DPR) is presently 51.14%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. Zacks Research cut shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Truist Financial upgraded 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. UBS Group reaffirmed a “buy” rating and set a $196.00 price target on shares of Corning in a research report on Wednesday, July 29th. Finally, Citigroup decreased their price objective on Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.08.

Insider Transactions at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of Corning 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 in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

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.