Freestone Grove Partners LP Makes New Investment in Corning Incorporated $GLW

Freestone Grove Partners LP acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 23,852 shares of the electronics maker’s stock, valued at approximately $6,093,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Berbice Capital Management LLC bought a new stake in Corning in the 4th quarter valued at $26,000. Basepoint Wealth LLC bought a new position in Corning during the 4th quarter worth $26,000. Atwood & Palmer Inc. acquired a new stake in shares of Corning during the second quarter worth $26,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Corning during the fourth quarter worth $27,000. Finally, Litman Gregory Wealth Management LLC bought a new stake in shares of Corning in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on GLW shares. Morgan Stanley decreased their price target on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 29th. 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. Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and cut their price objective for the company from $205.00 to $175.00 in a report on Sunday, August 2nd. Oppenheimer decreased their target price on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Finally, Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.08.

Corning Stock Performance

GLW opened at $148.87 on Friday. The firm has a market cap of $128.24 billion, a P/E ratio of 67.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. Corning Incorporated has a 52-week low of $66.14 and a 52-week high of $271.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The business’s fifty day moving average is $171.18 and its 200-day moving average is $164.60.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.Corning’s revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the business earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Sell-side analysts expect that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio (DPR) is currently 51.14%.

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.