Arrowstreet Capital Limited Partnership Sells 2,401,896 Shares of Corning Incorporated $GLW

Arrowstreet Capital Limited Partnership trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 52.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,160,748 shares of the electronics maker’s stock after selling 2,401,896 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Corning were worth $293,797,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Gibbs Wealth Management grew its stake in shares of Corning by 49.7% during the first quarter. Gibbs Wealth Management now owns 12,474 shares of the electronics maker’s stock worth $1,696,000 after buying an additional 4,141 shares during the last quarter. Signature Equity Partners LLC raised its stake in shares of Corning by 19.3% during the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock valued at $52,000 after acquiring an additional 62 shares during the last quarter. Wiregrass Investment Management LLC increased its holdings in Corning by 12.5% in the first quarter. Wiregrass Investment Management LLC now owns 6,130 shares of the electronics maker’s stock valued at $834,000 after purchasing an additional 683 shares during the period. First Citizens Bank & Trust Co. grew its position in shares of Corning by 31.4% in the 1st quarter. First Citizens Bank & Trust Co. now owns 10,918 shares of the electronics maker’s stock valued at $1,485,000 after buying an additional 2,607 shares during the last quarter. Finally, Alesco Advisors LLC An ESL Co acquired a new stake in shares of Corning in the first quarter valued at about $632,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 6.1%

Shares of NYSE:GLW opened at $146.57 on Friday. 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 company has a market capitalization of $126.14 billion, a PE ratio of 70.13, a P/E/G ratio of 2.05 and a beta of 1.09. Corning Incorporated has a 12-month low of $54.89 and a 12-month high of $271.78. The business’s fifty day simple moving average is $188.01 and its 200-day simple moving average is $155.14.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts predict that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning’s dividend payout ratio (DPR) is currently 53.59%.

Insider Activity at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction on 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction on Monday, May 11th. The stock was sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the sale, the senior vice president directly owned 25,570 shares in the company, valued at $5,273,301.10. This trade represents a 43.89% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 160,655 shares of company stock valued at $30,692,560. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Zacks Research lowered Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Truist Financial increased their price objective on Corning from $149.00 to $205.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Morgan Stanley set a $180.00 price objective on shares of Corning in a report on Friday, May 8th. UBS Group set a $243.00 price objective on Corning in a research report on Monday, July 6th. Finally, Barclays boosted their target price on shares of Corning from $149.00 to $180.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $194.69.

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.