OMC Financial Services LTD Invests $11.08 Million in Corning Incorporated $GLW

OMC Financial Services LTD acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 43,378 shares of the electronics maker’s stock, valued at approximately $11,080,000. Corning accounts for approximately 3.7% of OMC Financial Services LTD’s holdings, making the stock its 9th largest holding.

A number of other hedge funds also recently bought and sold shares of GLW. Berbice Capital Management LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $26,000. Basepoint Wealth LLC purchased a new position in Corning during the 4th quarter worth approximately $26,000. Atwood & Palmer Inc. purchased a new position in Corning during the 2nd quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new stake in Corning during the 4th quarter valued at $27,000. Finally, Litman Gregory Wealth Management LLC purchased a new stake in shares of Corning in the fourth quarter valued at $31,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 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 directly owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the transaction, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.25% of the company’s stock.

Corning Trading Down 0.1%

NYSE:GLW opened at $165.85 on Monday. The company’s 50 day moving average is $176.82 and its 200-day moving average is $161.92. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. Corning Incorporated has a 12 month low of $63.37 and a 12 month high of $271.78. The firm has a market cap of $142.86 billion, a price-to-earnings ratio of 75.73, a P/E/G ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) 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 business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same period in the prior year, the firm earned $0.60 EPS. Corning’s quarterly 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. Equities analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on GLW. Citigroup reduced their price objective on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Morgan Stanley dropped their target price on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Barclays reduced their price target on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Oppenheimer dropped their price target on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Finally, Weiss Ratings raised Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target 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.