FirstWave Capital Management LLC Acquires New Shares in Corning Incorporated $GLW

FirstWave Capital Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,133 shares of the electronics maker’s stock, valued at approximately $1,822,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG grew its holdings in shares of Corning by 198.2% during the 2nd quarter. Raiffeisen Bank International AG now owns 222,293 shares of the electronics maker’s stock worth $56,838,000 after purchasing an additional 147,747 shares during the period. Rogco LP acquired a new position in Corning in the second quarter valued at about $27,000. Premier Path Wealth Partners LLC lifted its position in Corning by 8.2% in the second quarter. Premier Path Wealth Partners LLC now owns 6,680 shares of the electronics maker’s stock valued at $1,706,000 after buying an additional 505 shares during the last quarter. Concurrent Investment Advisors LLC boosted its stake in Corning by 103.2% during the second quarter. Concurrent Investment Advisors LLC now owns 48,540 shares of the electronics maker’s stock worth $12,399,000 after buying an additional 24,649 shares during the period. Finally, NEOS Investment Management LLC boosted its stake in Corning by 12.6% during the second quarter. NEOS Investment Management LLC now owns 125,922 shares of the electronics maker’s stock worth $32,164,000 after buying an additional 14,106 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other news, CEO Wendell Weeks sold 100,000 shares of the firm’s 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 sale, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 13,100 shares of Corning 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 directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This trade represents a 46.53% 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 owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Citigroup lowered their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. cut 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. Morgan Stanley decreased their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 29th. Finally, Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and lowered their price target for the stock from $205.00 to $175.00 in a research report on Sunday, August 2nd. 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.08.

Corning Price Performance

Corning stock opened at $154.22 on Friday. 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 52-week low of $70.06 and a 52-week high of $271.78. The firm has a market cap of $132.84 billion, a PE ratio of 70.42, a price-to-earnings-growth ratio of 1.87 and a beta of 1.16. The company’s 50 day moving average is $164.74 and its two-hundred day moving average is $165.17.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same quarter in the prior year, the company earned $0.60 earnings per share. The company’s revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, research analysts expect 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. Investors of record on Monday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is presently 51.14%.

Corning Company 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.