Pinnacle Associates Ltd. Decreases Stock Holdings in Corning Incorporated $GLW

Pinnacle Associates Ltd. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 303,804 shares of the electronics maker’s stock after selling 906 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Corning were worth $15,977,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of GLW. Brighton Jones LLC increased its position in shares of Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after purchasing an additional 2,114 shares during the last quarter. Mather Group LLC. grew its position in shares of Corning by 9.7% during the first quarter. Mather Group LLC. now owns 3,029 shares of the electronics maker’s stock worth $139,000 after acquiring an additional 268 shares during the last quarter. Vontobel Holding Ltd. increased its stake in shares of Corning by 13.6% in the first quarter. Vontobel Holding Ltd. now owns 27,776 shares of the electronics maker’s stock valued at $1,272,000 after purchasing an additional 3,323 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Corning by 1.2% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 93,079 shares of the electronics maker’s stock worth $4,261,000 after acquiring an additional 1,120 shares during the period. Finally, DAVENPORT & Co LLC grew its position in Corning by 30.6% in the 1st quarter. DAVENPORT & Co LLC now owns 20,139 shares of the electronics maker’s stock valued at $922,000 after buying an additional 4,723 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays upped their price target on Corning from $65.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday. Mizuho set a $97.00 price objective on Corning in a research report on Wednesday. Argus boosted their target price on shares of Corning from $68.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday. Weiss Ratings reissued a “hold (c+)” rating on shares of Corning in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their target price on Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.82.

Corning Stock Up 0.0%

Corning stock opened at $90.30 on Friday. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $91.93. The firm has a market capitalization of $77.35 billion, a price-to-earnings ratio of 57.15, a PEG ratio of 1.99 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 0.93. The company’s 50 day simple moving average is $79.30 and its 200 day simple moving average is $61.52.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. Corning had a net margin of 9.16% and a return on equity of 18.12%. The business had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the firm posted $0.54 EPS. The firm’s revenue was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.2%. Corning’s dividend payout ratio (DPR) is currently 70.89%.

Insider Buying and Selling

In related news, SVP Jaymin Amin sold 17,721 shares of the firm’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $77.18, for a total value of $1,367,706.78. Following the transaction, the senior vice president owned 88,722 shares in the company, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stefan Becker sold 12,100 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $91.28, for a total value of $1,104,488.00. Following the transaction, the senior vice president directly owned 5,049 shares of the company’s stock, valued at $460,872.72. This trade represents a 70.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 211,924 shares of company stock worth $16,841,489 in the last quarter. Insiders own 0.40% of the company’s stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.