State of Michigan Retirement System Has $13.41 Million Holdings in Corning Incorporated $GLW

State of Michigan Retirement System decreased its position in shares of Corning Incorporated (NYSE:GLW) by 0.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 254,959 shares of the electronics maker’s stock after selling 1,000 shares during the quarter. State of Michigan Retirement System’s holdings in Corning were worth $13,408,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Amundi increased its stake in Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock valued at $271,237,000 after acquiring an additional 2,507,797 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Corning in the 1st quarter valued at $104,789,000. Kingstone Capital Partners Texas LLC bought a new position in shares of Corning in the 2nd quarter valued at $92,560,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Corning by 185.7% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,801,411 shares of the electronics maker’s stock worth $94,736,000 after buying an additional 1,170,992 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Corning by 37.1% during the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker’s stock worth $175,603,000 after buying an additional 1,037,875 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Corning news, SVP Jaymin Amin sold 17,721 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total transaction of $1,367,706.78. Following the completion of the sale, the senior vice president owned 88,722 shares of the company’s stock, valued at approximately $6,847,563.96. This represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total transaction of $5,352,294.57. Following the transaction, the chief executive officer owned 809,295 shares of the company’s stock, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 211,924 shares of company stock worth $16,841,489. Corporate insiders own 0.40% of the company’s stock.

Corning Trading Down 1.3%

Shares of NYSE GLW opened at $89.07 on Monday. The stock has a market cap of $76.30 billion, a P/E ratio of 56.37, a price-to-earnings-growth ratio of 1.99 and a beta of 1.14. The firm has a 50 day moving average price of $79.77 and a two-hundred day moving average price of $62.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 1.56. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $92.57.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Corning had a net margin of 9.16% and a return on equity of 18.12%. Corning’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 earnings per share. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a dividend yield of 1.3%. Corning’s dividend payout ratio is presently 70.89%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. Citigroup lifted their target price on Corning from $93.00 to $99.00 and gave the company a “buy” rating in a research report on Wednesday. Wall Street Zen lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a report on Saturday, September 13th. Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday, July 8th. They set an “outperform” rating for the company. JPMorgan Chase & Co. raised their target price on shares of Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Finally, Barclays boosted their target price on shares of Corning from $65.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $90.82.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.