Corning Incorporated $GLW Stake Increased by Novem Group

Novem Group boosted its stake in Corning Incorporated (NYSE:GLW) by 58.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,675 shares of the electronics maker’s stock after acquiring an additional 3,927 shares during the period. Novem Group’s holdings in Corning were worth $1,641,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the last quarter. Bank of America Corp DE increased its position in shares of Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the period. Wellington Management Group LLP increased its position in shares of 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 during the period. Bank of New York Mellon Corp bought a new position in Corning during the second quarter worth $1,510,911,000. Finally, Legal & General Group Plc bought a new position in Corning during the second quarter worth $1,212,283,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 0.6%

GLW traded up $0.83 during trading on Monday, hitting $132.83. The company’s stock had a trading volume of 6,864,080 shares, compared to its average volume of 11,934,437. The firm has a market capitalization of $114.42 billion, a P/E ratio of 60.65, a PEG ratio of 1.68 and a beta of 1.13. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78. The stock’s fifty day moving average price is $153.68 and its 200-day moving average price is $168.93. 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 (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. The company 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 company’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts anticipate that Corning Incorporated will post 3.28 EPS for the current year.

Corning Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on GLW shares. China Renaissance upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 target price on the stock in a report on Tuesday, September 8th. Morgan Stanley cut their price target on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. UBS Group increased their price target on Corning from $196.00 to $201.00 and gave the stock a “buy” rating in a report on Monday, October 5th. Bank of America lowered their price objective on Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. lowered their price objective on Corning from $200.00 to $170.00 and set a “neutral” rating for the company in a research report on Wednesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $177.56.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Corning 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.