Mystic Asset Management Inc. Invests $4.61 Million in Corning Incorporated $GLW

Mystic Asset Management Inc. purchased a new position in Corning Incorporated (NYSE:GLW) during the 2nd quarter, Holdings Channel reports. The fund purchased 18,030 shares of the electronics maker’s stock, valued at approximately $4,605,000. Corning comprises 1.0% of Mystic Asset Management Inc.’s holdings, making the stock its 28th largest holding.

A number of other large investors have also recently made changes to their positions in GLW. Oxford Financial Group LTD. LLC bought a new position in shares of Corning in the second quarter worth approximately $6,035,000. Portfolio Design Labs LLC purchased a new stake in shares of Corning in the second quarter worth about $3,576,000. Reliant Investment Partners LLC bought a new position in shares of Corning during the 2nd quarter valued at approximately $308,000. Ninepoint Partners LP bought a new position in Corning during the second quarter valued at $2,034,000. Finally, Advisors Capital Management LLC bought a new position in shares of Corning in the 2nd quarter valued at about $972,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the sale, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.25% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of GLW stock opened at $151.49 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The company has a market capitalization of $130.49 billion, a P/E ratio of 69.17, a P/E/G ratio of 1.95 and a beta of 1.14. The company’s 50-day simple moving average is $175.43 and its two-hundred day simple moving average is $163.44. Corning Incorporated has a one year low of $64.33 and a one year high of $271.78.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio (DPR) is presently 51.14%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Susquehanna upped their price objective on Corning from $125.00 to $180.00 and gave the company a “positive” rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. cut their target price on Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen lowered Corning from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. Zacks Research downgraded Corning from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Finally, Citigroup dropped their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.08.

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.