Saudi Central Bank Raises Stake in Corning Incorporated $GLW

Saudi Central Bank boosted its position in shares of Corning Incorporated (NYSE:GLW) by 85.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,621 shares of the electronics maker’s stock after acquiring an additional 25,557 shares during the period. Saudi Central Bank’s holdings in Corning were worth $14,207,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. State Street Corp increased its holdings in Corning by 1.2% in the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock valued at $3,035,836,000 after buying an additional 439,883 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Corning by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock worth $1,781,250,000 after buying an additional 517,067 shares during the last quarter. Bank of America Corp DE lifted its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after acquiring an additional 5,831,873 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock worth $724,432,000 after acquiring an additional 1,036,988 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were 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 in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Wendell Weeks sold 100,000 shares of Corning stock in a transaction on 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 completion of 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 SEC filing for this sale provides additional information. 0.25% of the stock is currently owned by corporate insiders.

Corning Stock Up 5.6%

GLW opened at $154.22 on Friday. The business’s 50-day simple moving average is $164.74 and its 200-day simple moving average is $165.17. 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 Incorporated has a one year low of $70.06 and a one year high of $271.78. The stock has a market capitalization of $132.84 billion, a P/E ratio of 70.42, a price-to-earnings-growth ratio of 1.98 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business’s revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio is presently 51.14%.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Mizuho decreased their target price on Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Zacks Research downgraded Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Bank of America increased their price target on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Finally, Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $174.08.

About Corning

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.