Praxis Investment Management Inc. Trims Position in Corning Incorporated $GLW

Praxis Investment Management Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 7.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,320 shares of the electronics maker’s stock after selling 2,570 shares during the quarter. Praxis Investment Management Inc.’s holdings in Corning were worth $4,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of GLW. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Corning during the 3rd quarter worth approximately $25,000. Berbice Capital Management LLC acquired a new position in Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC purchased a new position in Corning in the fourth quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new stake in Corning during the fourth quarter worth $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new stake in Corning during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.3%

NYSE:GLW opened at $196.12 on Friday. Corning Incorporated has a 12-month low of $51.32 and a 12-month high of $271.78. The firm has a market cap of $168.79 billion, a PE ratio of 93.84, a price-to-earnings-growth ratio of 2.82 and a beta of 1.09. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. The stock has a fifty day moving average price of $190.59 and a 200 day moving average price of $146.38.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter last year, the company earned $0.54 earnings per share. The firm’s 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. Sell-side analysts anticipate that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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 dividend yield of 0.6%. Corning’s payout ratio is presently 53.59%.

Insider Activity

In other news, SVP Jaymin Amin sold 27,395 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the transaction, the senior vice president directly owned 94,400 shares of the company’s stock, valued at approximately $18,138,016. This represents a 22.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michaune D. Tillman sold 3,260 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $207.02, for a total value of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares in the company, valued at approximately $2,106,221.48. The trade was a 24.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 160,655 shares of company stock valued at $30,692,560. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on GLW shares. Oppenheimer boosted their price objective on shares of Corning from $120.00 to $210.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Citigroup lifted their price target on shares of Corning from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Susquehanna upped their price objective on shares of Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, Mizuho boosted their target price on Corning from $220.00 to $270.00 and gave the company an “outperform” rating in a research report on Wednesday. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $186.46.

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.