Cibc World Market Inc. Buys Shares of 174,534 Corning Incorporated $GLW

Cibc World Market Inc. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 174,534 shares of the electronics maker’s stock, valued at approximately $44,581,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. OMERS ADMINISTRATION Corp bought a new stake in shares of Corning in the second quarter worth $21,641,000. Leigh Baldwin & CO. LLC bought a new position in Corning in the second quarter valued at about $2,088,000. Osmosis Investment Management UK Ltd bought a new position in Corning in the second quarter valued at about $1,163,000. Wealth High Governance Capital Ltda purchased a new position in Corning in the second quarter worth about $17,628,000. Finally, Solstein Capital LLC purchased a new position in Corning in the second quarter worth about $80,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other news, CEO Wendell P. 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 transaction of $18,646,000.00. Following the sale, the chief executive officer directly owned 908,353 shares in the company, valued at $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 is available at this hyperlink. 0.25% of the stock is owned by insiders.

Corning Stock Performance

Shares of GLW opened at $149.91 on Monday. The business has a 50-day simple moving average of $174.83 and a two-hundred day simple moving average of $163.72. 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 $65.09 and a 52 week high of $271.78. The stock has a market cap of $129.13 billion, a price-to-earnings ratio of 68.45, a PEG ratio of 1.92 and a beta of 1.14.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same period in the prior year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, analysts expect that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning’s dividend payout ratio is 51.14%.

Analyst Ratings Changes

A number of research firms have issued reports on GLW. Zacks Research downgraded Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Barclays dropped their price objective on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Morgan Stanley reduced their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Finally, Truist Financial upgraded shares of Corning from a “hold” rating to a “buy” rating and decreased their price target for the stock from $205.00 to $175.00 in a research report on Sunday, August 2nd. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.08.

About Corning

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.