Corning Incorporated $GLW Shares Bought by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System increased its holdings in Corning Incorporated (NYSE:GLW) by 12.5% during the third quarter, Holdings Channel.com reports. The firm owned 48,045 shares of the electronics maker’s stock after acquiring an additional 5,334 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Corning were worth $7,387,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GLW. Ritholtz Wealth Management lifted its stake in shares of Corning by 12.0% in the 3rd quarter. Ritholtz Wealth Management now owns 12,182 shares of the electronics maker’s stock valued at $1,873,000 after acquiring an additional 1,303 shares during the last quarter. Jacobi Capital Management LLC grew its position in Corning by 4.3% during the 3rd quarter. Jacobi Capital Management LLC now owns 9,168 shares of the electronics maker’s stock worth $1,410,000 after acquiring an additional 376 shares during the last quarter. First Command Advisory Services Inc. increased its stake in Corning by 19.2% in the 3rd quarter. First Command Advisory Services Inc. now owns 1,740 shares of the electronics maker’s stock worth $268,000 after purchasing an additional 280 shares during the period. Turn8 Private Wealth Inc. purchased a new position in Corning in the 3rd quarter worth approximately $780,000. Finally, Moneco Advisors LLC increased its stake in Corning by 4.6% in the 3rd quarter. Moneco Advisors LLC now owns 4,451 shares of the electronics maker’s stock worth $684,000 after purchasing an additional 194 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 0.8%

NYSE GLW opened at $119.47 on Friday. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78. The stock has a market capitalization of $102.92 billion, a PE ratio of 48.37, a PEG ratio of 1.48 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. The business’s 50-day moving average is $142.09 and its 200 day moving average is $156.01.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. During the same quarter in the prior year, the company posted $0.67 EPS. Corning’s quarterly revenue was up 18.9% compared to the same quarter last year. Sell-side analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. Corning’s payout ratio is 45.34%.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Mizuho dropped their price objective on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Truist Financial reaffirmed a “buy” rating and issued a $175.00 target price (down from $182.00) on shares of Corning in a research note on Wednesday, October 28th. The Goldman Sachs Group reiterated an “outperform” rating on shares of Corning in a report on Tuesday, September 15th. Finally, Barclays increased their price target on shares of Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $172.18.

Top Corning Stories

Investors following GLW have been watching these stories:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $134 price target, citing demand for optical fiber from AI data centers. The firm sees Corning’s optical business scaling in 2028, giving investors a longer-term growth catalyst. Jefferies on AI data-center opportunity
• Positive Sentiment: Investors are also pointing to Corning’s multiyear optical agreements with Verizon and AT&T, expansion of U.S. solar manufacturing, and reported ETF buying as support for its fiber, photonics, and solar businesses. Corning ETF buying and AI demand
• Negative Sentiment: That optimism is being offset by a reported analyst downgrade and a more cautious Bernstein reassessment. Coverage described the share price as testing support after a steep recent decline, which may reinforce near-term selling pressure. Analyst views and support levels Shares decline following analyst downgrade

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.