Freestone Grove Partners LP Purchases Shares of 23,852 Corning Incorporated $GLW

Freestone Grove Partners LP purchased a new stake in Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 23,852 shares of the electronics maker’s stock, valued at approximately $6,093,000.

Several other institutional investors and hedge funds also recently modified their holdings of GLW. Caisse de depot et placement du Quebec bought a new position in shares of Corning during the second quarter worth about $70,711,000. First Bancorp Inc ME bought a new stake in Corning in the 2nd quarter valued at approximately $179,000. Roberts Glore & Co. Inc. IL bought a new stake in Corning in the 2nd quarter valued at approximately $392,000. Jupiter Topco LLC acquired a new position in Corning during the 2nd quarter worth approximately $564,654,000. Finally, J. Goldman & Co LP acquired a new position in Corning during the 2nd quarter worth approximately $422,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, 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 sale, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GLW. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Citigroup reduced their target price on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Morgan Stanley decreased their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Finally, Zacks Research lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $174.08.

Corning Trading Down 2.6%

Shares of NYSE:GLW opened at $148.87 on Friday. Corning Incorporated has a 52-week low of $66.14 and a 52-week high of $271.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The company has a market capitalization of $128.24 billion, a P/E ratio of 67.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The company has a 50-day simple moving average of $171.18 and a 200 day simple moving average of $164.60.

Corning (NYSE:GLW) last announced its quarterly earnings results 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. The firm 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%.During the same quarter in the previous year, the business earned $0.60 earnings per share. The business’s revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Sell-side analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a dividend of $0.28 per share. 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 0.8%. Corning’s payout ratio is presently 51.14%.

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.