Monetta Financial Services Inc. Takes $2.81 Million Position in Corning Incorporated $GLW

Monetta Financial Services Inc. acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 11,000 shares of the electronics maker’s stock, valued at approximately $2,810,000. Corning accounts for about 1.9% of Monetta Financial Services Inc.’s investment portfolio, making the stock its 12th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Norges Bank acquired a new stake in Corning in the fourth quarter valued at $921,435,000. Bank of New York Mellon Corp purchased a new stake in Corning during the 2nd quarter worth about $1,510,911,000. Capital Research Global Investors boosted its position in shares of Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after acquiring an additional 5,831,873 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Corning in the 2nd quarter valued at about $612,763,000. Finally, Polar Capital Holdings Plc increased its holdings in shares of Corning by 141.2% in the 3rd quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock valued at $329,035,000 after acquiring an additional 2,348,125 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the sale, the senior vice president owned 94,400 shares in the company, valued at approximately $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. Weiss Ratings upgraded Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, August 7th. Truist Financial upgraded shares of Corning from a “hold” rating to a “buy” rating and dropped their price target for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Mizuho cut their price objective on shares of Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Morgan Stanley reduced their price objective on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Finally, Citigroup lowered their target price on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $174.08.

Corning Trading Down 4.6%

GLW opened at $152.52 on Thursday. The firm has a market cap of $131.38 billion, a price-to-earnings ratio of 69.64, a price-to-earnings-growth ratio of 2.05 and a beta of 1.14. Corning Incorporated has a 52 week low of $63.37 and a 52 week high of $271.78. The business’s 50 day moving average is $175.94 and its two-hundred day moving average is $163.10. 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 issued its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. The company had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, research analysts predict that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

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

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.