Corning Incorporated $GLW Stock Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC lowered its position in Corning Incorporated (NYSE:GLW) by 87.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,258 shares of the electronics maker’s stock after selling 15,840 shares during the period. SteelPeak Wealth LLC’s holdings in Corning were worth $347,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of GLW. Herbst Group LLC acquired a new stake in shares of Corning in the second quarter valued at about $4,474,000. Principal Financial Group Inc. raised its position in shares of Corning by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock worth $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC raised its position in shares of Corning by 36.2% during the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock worth $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Silverlake Wealth Management LLC acquired a new position in shares of Corning during the 2nd quarter worth about $1,872,000. Finally, Atlas Wealth LLC lifted its stake in Corning by 137.8% in the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker’s stock valued at $1,642,000 after buying an additional 6,998 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GLW. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Truist Financial boosted their price objective on Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research note on Friday, October 2nd. Sanford C. Bernstein assumed coverage on Corning in a report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 target price for the company. Morgan Stanley reduced their target price on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $177.56.

Corning Trading Down 0.4%

Shares of GLW opened at $132.16 on Wednesday. Corning Incorporated has a 52-week low of $77.39 and a 52-week high of $271.78. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm’s fifty day moving average is $153.14 and its two-hundred day moving average is $168.85. The stock has a market cap of $113.84 billion, a PE ratio of 60.35, a price-to-earnings-growth ratio of 1.69 and a beta of 1.13.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts forecast that Corning Incorporated will post 3.29 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning’s payout ratio is presently 51.14%.

Insiders Place Their Bets

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.