Royal Palms Capital LLC Takes Position in Corning Incorporated $GLW

Royal Palms Capital LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 42,298 shares of the electronics maker’s stock, valued at approximately $3,704,000. Corning comprises 4.4% of Royal Palms Capital LLC’s investment portfolio, making the stock its 7th largest holding.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Corning by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker’s stock valued at $8,693,247,000 after purchasing an additional 580,678 shares during the last quarter. State Street Corp lifted its holdings in shares of Corning by 1.2% during 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 purchasing an additional 439,883 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock valued at $1,358,211,000 after purchasing an additional 3,848,540 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Corning by 8.1% during the second quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock valued at $724,432,000 after purchasing an additional 1,036,988 shares during the last quarter. Finally, Capital Research Global Investors purchased a new stake in shares of Corning during the third quarter valued at $907,164,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of NYSE GLW opened at $196.64 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The firm has a market cap of $169.24 billion, a price-to-earnings ratio of 94.09, a P/E/G ratio of 2.78 and a beta of 1.14. The business’s 50-day simple moving average is $164.19 and its 200-day simple moving average is $124.80. Corning Incorporated has a 52 week low of $48.62 and a 52 week high of $211.79.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the prior year, the firm posted $0.54 EPS. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts expect that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Friday, May 29th will be given a $0.28 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. Corning’s dividend payout ratio (DPR) is currently 53.59%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GLW. HSBC reaffirmed a “buy” rating and set a $135.00 target price on shares of Corning in a report on Friday, February 13th. Morgan Stanley set a $180.00 price target on Corning in a research report on Friday, May 8th. Fox Advisors lowered Corning from an “overweight” rating to an “equal weight” rating in a research report on Thursday, January 29th. Citigroup upped their price target on Corning from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Barclays upped their price target on Corning from $149.00 to $180.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.92.

Insider Buying and Selling

In other Corning news, CEO Wendell P. Weeks sold 137,514 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $155.37, for a total value of $21,365,550.18. Following the completion of the sale, the chief executive officer owned 750,585 shares in the company, valued at approximately $116,618,391.45. This trade represents a 15.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the sale, the senior vice president owned 25,570 shares of the company’s stock, valued at $5,273,301.10. This represents a 43.89% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 198,169 shares of company stock worth $33,412,111. 0.25% of the stock is currently owned by corporate 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.