Payden & Rygel Trims Holdings in Corning Incorporated $GLW

Payden & Rygel lessened its position in Corning Incorporated (NYSE:GLW) by 12.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 193,400 shares of the electronics maker’s stock after selling 28,600 shares during the quarter. Corning accounts for approximately 1.2% of Payden & Rygel’s portfolio, making the stock its 28th biggest position. Payden & Rygel’s holdings in Corning were worth $16,934,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of GLW. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Corning in the 3rd quarter valued at $25,000. Strengthening Families & Communities LLC purchased a new stake in shares of Corning in the 3rd quarter valued at $27,000. Cornerstone Planning Group LLC raised its holdings in shares of Corning by 58.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker’s stock valued at $30,000 after buying an additional 124 shares during the period. JPL Wealth Management LLC purchased a new stake in shares of Corning in the 3rd quarter valued at $33,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Corning in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $178.74 on Tuesday. The stock’s 50-day moving average is $157.10 and its two-hundred day moving average is $120.55. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06. Corning Incorporated has a 1-year low of $47.40 and a 1-year high of $211.79. The company has a market cap of $153.83 billion, a price-to-earnings ratio of 85.52, a price-to-earnings-growth ratio of 2.74 and a beta of 1.14.

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 net margin of 11.09% and a return on equity of 19.45%. The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the prior year, the firm posted $0.54 EPS. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Analysts forecast that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Friday, May 29th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. Corning’s dividend payout ratio is currently 53.59%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GLW. Fox Advisors downgraded shares of Corning from an “overweight” rating to an “equal weight” rating in a research note on Thursday, January 29th. Citigroup upped their target price on shares of Corning from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday. Truist Financial upped their target price on shares of Corning from $125.00 to $149.00 and gave the stock a “hold” rating in a research note on Wednesday, April 29th. Finally, Wolfe Research set a $130.00 target price on shares of Corning and gave the stock an “outperform” rating in a research note on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $177.92.

Insider Activity

In other Corning news, VP John Z. Zhang sold 10,000 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $198.34, for a total value of $1,983,400.00. Following the sale, the vice president directly owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Wendell P. Weeks sold 137,514 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $155.37, for a total value of $21,365,550.18. Following the completion of the transaction, the chief executive officer owned 750,585 shares in the company, valued at approximately $116,618,391.45. The trade was a 15.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 170,774 shares of company stock valued at $28,148,435. 0.25% of the stock is currently owned by company insiders.

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.