Concentric Capital Strategies LP Sells 7,429 Shares of Corning Incorporated $GLW

Concentric Capital Strategies LP reduced its stake in Corning Incorporated (NYSE:GLW) by 4.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 142,805 shares of the electronics maker’s stock after selling 7,429 shares during the quarter. Concentric Capital Strategies LP’s holdings in Corning were worth $12,504,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Corning during the third quarter valued at $25,000. Berbice Capital Management LLC bought a new position in shares of Corning during the fourth quarter valued at $26,000. Basepoint Wealth LLC bought a new position in shares of Corning during the fourth quarter valued at $26,000. Kemnay Advisory Services Inc. purchased a new position in shares of Corning in the 4th quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in Corning in the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Jaymin Amin sold 27,395 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the transaction, the senior vice president directly owned 94,400 shares in the company, valued at approximately $18,138,016. The trade was a 22.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Z. Zhang sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the completion of the transaction, the vice president owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 160,655 shares of company stock valued at $30,692,561. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Morgan Stanley set a $180.00 price objective on shares of Corning in a research note on Friday, May 8th. Citigroup increased their price target on shares of Corning from $175.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Barclays raised their price target on shares of Corning from $149.00 to $180.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Oppenheimer upped their price objective on Corning from $120.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $178.31.

Corning Stock Performance

Shares of GLW opened at $174.98 on Thursday. The firm has a market capitalization of $150.59 billion, a P/E ratio of 83.72, a PEG ratio of 2.54 and a beta of 1.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06. Corning Incorporated has a one year low of $49.97 and a one year high of $211.79. The business has a fifty day moving average of $179.09 and a 200 day moving average of $136.06.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) 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 $4.35 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same period last year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter 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, sell-side analysts anticipate that Corning Incorporated will post 3.19 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 29th. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning’s payout ratio is 53.59%.

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.