Corning Incorporated $GLW Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its position in shares of Corning Incorporated (NYSE:GLW) by 13.0% in the first quarter, Holdings Channel.com reports. The fund owned 108,225 shares of the electronics maker’s stock after selling 16,225 shares during the quarter. Bank of Nova Scotia’s holdings in Corning were worth $14,715,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Merit Financial Group LLC grew its stake in Corning by 16.9% during the 4th quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker’s stock worth $3,940,000 after buying an additional 6,493 shares during the last quarter. Security National Bank boosted its stake in Corning by 340.4% during the fourth quarter. Security National Bank now owns 72,523 shares of the electronics maker’s stock valued at $6,350,000 after buying an additional 56,056 shares in the last quarter. Wealthfront Advisers LLC grew its stake in shares of Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock worth $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Corning by 1.2% in the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock valued at $121,483,000 after buying an additional 10,591 shares in the last quarter. Finally, Three Seasons Wealth LLC purchased a new stake in shares of Corning during the fourth quarter valued at $1,750,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the sale, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of the company’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 sale, the senior vice president directly owned 94,400 shares in the company, valued at $18,138,016. This trade represents a 22.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 160,655 shares of company stock worth $30,692,560 in the last three months. Insiders own 0.25% of the company’s stock.

Corning Stock Down 6.1%

NYSE:GLW opened at $146.57 on Friday. The stock’s 50 day moving average price is $188.01 and its two-hundred day moving average price is $155.14. Corning Incorporated has a twelve month low of $54.89 and a twelve month high of $271.78. The firm has a market capitalization of $126.14 billion, a price-to-earnings ratio of 70.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.09. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Oppenheimer increased their price objective on Corning from $210.00 to $230.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Susquehanna raised their price target on shares of Corning from $125.00 to $180.00 and gave the company a “positive” rating in a report on Wednesday, April 29th. Morgan Stanley set a $180.00 target price on shares of Corning in a research note on Friday, May 8th. Barclays upped their price objective on Corning from $149.00 to $180.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Finally, Bank of America increased their target price on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a report on Monday, July 6th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price 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.