Bowen Hanes & Co. Inc. Trims Stake in Corning Incorporated $GLW

Bowen Hanes & Co. Inc. lessened its position in shares of Corning Incorporated (NYSE:GLW) by 3.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,377,592 shares of the electronics maker’s stock after selling 53,757 shares during the quarter. Corning makes up approximately 4.6% of Bowen Hanes & Co. Inc.’s investment portfolio, making the stock its largest holding. Bowen Hanes & Co. Inc. owned approximately 0.16% of Corning worth $187,311,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Norges Bank acquired a new stake in shares of Corning during the fourth quarter worth $921,435,000. Capital Research Global Investors lifted its holdings in Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after buying an additional 5,831,873 shares during the period. Polar Capital Holdings Plc lifted its holdings in Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock valued at $329,035,000 after buying an additional 2,348,125 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Corning by 102.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker’s stock valued at $399,505,000 after acquiring an additional 2,304,676 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. acquired a new stake in Corning during the 4th quarter worth about $185,312,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other Corning news, VP John Z. Zhang sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the completion of the sale, the vice president directly owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the transaction, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 160,655 shares of company stock valued at $30,692,560. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on GLW. Barclays lifted their price objective on Corning from $149.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Susquehanna raised their target price on Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a research note on Wednesday, April 29th. Bank of America lifted their target price on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a report on Monday, July 6th. JPMorgan Chase & Co. increased their price target on Corning from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, Citigroup raised their price objective on shares of Corning from $225.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $194.69.

Corning Stock Performance

Shares of Corning stock opened at $155.91 on Friday. The business has a 50-day simple moving average of $188.92 and a 200 day simple moving average of $155.20. Corning Incorporated has a one year low of $54.89 and a one year high of $271.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06. The firm has a market capitalization of $134.18 billion, a price-to-earnings ratio of 74.60, a PEG 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 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter last year, the firm posted $0.54 earnings per share. 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. On average, research analysts anticipate that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.7%. Corning’s dividend payout ratio is presently 53.59%.

Corning 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.