Convergence Investment Partners LLC Reduces Stock Holdings in Corning Incorporated $GLW

Convergence Investment Partners LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 40.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,035 shares of the electronics maker’s stock after selling 10,120 shares during the quarter. Convergence Investment Partners LLC’s holdings in Corning were worth $2,044,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Berbice Capital Management LLC acquired a new stake in Corning during the 4th quarter valued at $26,000. Basepoint Wealth LLC purchased a new position in Corning in the 4th quarter valued at about $26,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Corning during the fourth quarter valued at about $27,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of Corning during the fourth quarter worth about $31,000. Finally, Evolution Wealth Management Inc. lifted its stake in shares of Corning by 58.8% in the fourth quarter. Evolution Wealth Management Inc. now owns 381 shares of the electronics maker’s stock worth $33,000 after acquiring an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 1.1%

Shares of NYSE:GLW opened at $152.97 on Tuesday. The company’s fifty day moving average is $191.73 and its two-hundred day moving average is $153.75. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. Corning Incorporated has a 1-year low of $53.29 and a 1-year high of $271.78. The stock has a market capitalization of $131.65 billion, a price-to-earnings ratio of 73.19, a price-to-earnings-growth ratio of 2.03 and a beta of 1.09.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities analysts anticipate that Corning Incorporated will post 3.18 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Corning’s dividend payout ratio (DPR) is 53.59%.

Analysts Set New Price Targets

A number of brokerages have weighed in on GLW. Oppenheimer raised their price objective on Corning from $210.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Barclays raised their price target on shares of Corning from $149.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corning in a report on Friday, May 15th. Citigroup increased their price objective on shares of Corning from $225.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Truist Financial raised their price objective on shares of Corning from $149.00 to $205.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $194.69.

Insider Buying and Selling at Corning

In related news, SVP Michaune D. Tillman sold 3,260 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president directly owned 10,174 shares in the company, valued at $2,106,221.48. This represents a 24.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was 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 directly owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is owned by company insiders.

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.