Saudi Central Bank Grows Position in Corning Incorporated $GLW

Saudi Central Bank increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 85.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,621 shares of the electronics maker’s stock after purchasing an additional 25,557 shares during the quarter. Saudi Central Bank’s holdings in Corning were worth $14,207,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Atwood & Palmer Inc. acquired a new position in Corning in the second quarter valued at about $26,000. Rogco LP acquired a new stake in shares of Corning during the second quarter valued at about $27,000. First PREMIER Bank acquired a new stake in shares of Corning during the second quarter valued at about $51,000. Burk Holdings LLC purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $53,000. Finally, Delos Wealth Advisors LLC purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $55,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 5.6%

NYSE GLW opened at $154.22 on Friday. The firm has a 50 day simple moving average of $164.74 and a 200-day simple moving average of $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 firm has a market cap of $132.84 billion, a price-to-earnings ratio of 70.42, a PEG ratio of 1.98 and a beta of 1.16.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.63 billion. During the same quarter in the previous year, the business posted $0.60 earnings per share. The business’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 research analysts anticipate that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Corning’s payout ratio is 51.14%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Bank of America increased their price objective on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Mizuho lowered their price target on Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Finally, Oppenheimer dropped their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $174.08.

Insiders Place Their Bets

In other news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wendell Weeks sold 100,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the sale, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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.