Corning Incorporated $GLW Shares Sold by Cookson Peirce & Co. Inc.

Cookson Peirce & Co. Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 6.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 879,037 shares of the electronics maker’s stock after selling 60,328 shares during the period. Corning comprises about 7.4% of Cookson Peirce & Co. Inc.’s holdings, making the stock its biggest position. Cookson Peirce & Co. Inc.’s holdings in Corning were worth $224,532,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Corning in the 4th quarter worth approximately $921,435,000. Bank of New York Mellon Corp acquired a new position in shares of Corning in the second quarter valued at $1,510,911,000. Capital Research Global Investors raised its stake in shares of Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after purchasing an additional 5,831,873 shares in the last quarter. Legal & General Group Plc bought a new position in Corning in the second quarter worth $1,212,283,000. Finally, Wellington Management Group LLP boosted its stake in Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after buying an additional 4,446,514 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the sale, the chief executive officer directly 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 document filed with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by insiders.

Corning Stock Down 2.6%

GLW opened at $148.87 on Friday. The firm’s 50-day simple moving average is $171.18 and its 200-day simple moving average is $164.60. 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 twelve month low of $66.14 and a twelve month high of $271.78. The firm has a market cap of $128.23 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 1.91 and a beta of 1.14.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period last year, the firm posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts anticipate that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GLW. UBS Group restated a “buy” rating and issued a $196.00 price objective on shares of Corning in a research note on Wednesday, July 29th. Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and lowered their target price for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Oppenheimer dropped their price target on shares of Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. Finally, Bank of America upped their price objective on Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.08.

Corning Profile

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.