Bank of New York Mellon Corp Has $592.34 Million Position in Corning Incorporated $GLW

Bank of New York Mellon Corp grew its holdings in Corning Incorporated (NYSE:GLW) by 16.5% during the 4th quarter, HoldingsChannel reports. The firm owned 6,765,011 shares of the electronics maker’s stock after acquiring an additional 957,838 shares during the quarter. Bank of New York Mellon Corp’s holdings in Corning were worth $592,344,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in GLW. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in shares of Corning in the third quarter valued at approximately $25,000. Berbice Capital Management LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $26,000. Strengthening Families & Communities LLC bought a new position in shares of Corning in the third quarter valued at approximately $27,000. Finally, Cornerstone Planning Group LLC raised its stake in shares of Corning by 58.5% in the third quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker’s stock valued at $30,000 after acquiring an additional 124 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a research note on Friday, May 15th. Barclays lifted their target price on shares of Corning from $149.00 to $180.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Bank of America lifted their target price on shares of Corning from $155.00 to $186.00 and gave the company a “buy” rating in a research note on Monday, April 20th. HSBC reiterated a “buy” rating and issued a $135.00 target price on shares of Corning in a research note on Friday, February 13th. Finally, UBS Group boosted their price objective on shares of Corning from $179.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $177.92.

Insider Activity

In related news, SVP Soumya Seetharam sold 20,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the sale, the senior vice president directly owned 25,570 shares of the company’s stock, valued at approximately $5,273,301.10. The trade was a 43.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of the business’s stock in a transaction on 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 directly owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 60,655 shares of company stock worth $12,046,561 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

Corning Price Performance

Shares of GLW stock opened at $201.40 on Thursday. Corning Incorporated has a 12-month low of $49.47 and a 12-month high of $211.79. The firm has a market capitalization of $173.33 billion, a price-to-earnings ratio of 96.36, a price-to-earnings-growth ratio of 2.87 and a beta of 1.15. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average of $171.25 and a 200-day moving average of $129.11.

Corning (NYSE:GLW) last announced its quarterly earnings results 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. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the previous year, the business earned $0.54 EPS. The firm’s revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts forecast that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Dividend Announcement

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

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.