SurgoCap Partners LP Acquires New Position in Corning Incorporated $GLW

SurgoCap Partners LP acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 797,181 shares of the electronics maker’s stock, valued at approximately $203,624,000. Corning comprises about 6.6% of SurgoCap Partners LP’s investment portfolio, making the stock its 8th biggest holding. SurgoCap Partners LP owned approximately 0.09% of Corning as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Atwood & Palmer Inc. purchased a new stake in shares of Corning during the 2nd quarter valued at approximately $26,000. Burk Holdings LLC purchased a new position in Corning in the 2nd quarter valued at approximately $53,000. Aberdeen Wealth Management LLC purchased a new position in Corning in the 2nd quarter valued at approximately $57,000. First Community Trust NA bought a new stake in Corning during the 2nd quarter valued at $72,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Corning during the second quarter worth $76,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. Morgan Stanley reduced their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. UBS Group reissued a “buy” rating and set a $196.00 price objective on shares of Corning in a report on Wednesday, July 29th. Oppenheimer cut their target price on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Truist Financial raised Corning from a “hold” rating to a “buy” rating and reduced their target price for the company from $205.00 to $175.00 in a report on Sunday, August 2nd. Finally, Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a research report 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’s stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $174.08.

Corning Stock Down 3.1%

Shares of NYSE:GLW opened at $145.19 on Tuesday. The firm has a fifty day moving average price of $174.00 and a two-hundred day moving average price of $163.95. The company has a market cap of $125.07 billion, a price-to-earnings ratio of 66.30, a PEG ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a one year low of $65.75 and a one year high of $271.78.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The business’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. Analysts anticipate that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is currently 51.14%.

Insider Buying and Selling at Corning

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $169,371,500.38. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by insiders.

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.