Allstate Corp Grows Stake in Corning Incorporated $GLW

Allstate Corp increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 106.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,642 shares of the electronics maker’s stock after purchasing an additional 31,798 shares during the quarter. Allstate Corp’s holdings in Corning were worth $5,397,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Corning by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker’s stock worth $8,693,247,000 after purchasing an additional 580,678 shares in the last quarter. State Street Corp boosted its stake in Corning by 1.2% during the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock valued at $3,035,836,000 after buying an additional 439,883 shares during the last quarter. Wellington Management Group LLP boosted its stake in Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock valued at $1,358,211,000 after buying an additional 3,848,540 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Corning by 8.1% during the second quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock valued at $724,432,000 after buying an additional 1,036,988 shares during the last quarter. Finally, Capital Research Global Investors bought a new position in Corning during the third quarter valued at approximately $907,164,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In related news, SVP Jaymin Amin sold 27,395 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president directly owned 94,400 shares of the company’s stock, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was 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 $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 198,169 shares of company stock worth $33,412,111 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $196.64 on Wednesday. The firm has a market capitalization of $169.24 billion, a price-to-earnings ratio of 94.09, a PEG ratio of 2.78 and a beta of 1.14. Corning Incorporated has a 1 year low of $48.62 and a 1 year high of $211.79. The business has a 50 day simple moving average of $164.19 and a 200-day simple moving average of $124.80. 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 (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the company earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities analysts forecast that Corning Incorporated will post 3.19 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning’s dividend payout ratio (DPR) is presently 53.59%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research reports. Susquehanna increased their price target on Corning from $125.00 to $180.00 and gave the company a “positive” rating in a research note on Wednesday, April 29th. UBS Group lifted their price objective on shares of Corning from $179.00 to $223.00 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, May 17th. Citigroup increased their price target on shares of Corning from $175.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Oppenheimer increased their price target on shares of Corning from $120.00 to $210.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $177.92.

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.