Legacy Capital Group California Inc. Sells 9,746 Shares of Corning Incorporated $GLW

Legacy Capital Group California Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 53.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,409 shares of the electronics maker’s stock after selling 9,746 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Corning were worth $1,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Beirne Wealth Consulting Services LLC boosted its holdings in Corning by 0.8% in the first quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock worth $1,094,000 after purchasing an additional 64 shares during the last quarter. Millstone Evans Group LLC lifted its holdings in shares of Corning by 1.3% during the 1st quarter. Millstone Evans Group LLC now owns 5,393 shares of the electronics maker’s stock valued at $733,000 after buying an additional 67 shares during the period. Caldwell Trust Co lifted its holdings in shares of Corning by 0.5% during the 1st quarter. Caldwell Trust Co now owns 15,893 shares of the electronics maker’s stock valued at $2,161,000 after buying an additional 74 shares during the period. KRS Capital Management LLC boosted its stake in shares of Corning by 2.2% in the 1st quarter. KRS Capital Management LLC now owns 4,058 shares of the electronics maker’s stock worth $552,000 after buying an additional 88 shares during the last quarter. Finally, Sheets Smith Wealth Management boosted its stake in shares of Corning by 2.1% in the 1st quarter. Sheets Smith Wealth Management now owns 4,450 shares of the electronics maker’s stock worth $605,000 after buying an additional 90 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW opened at $183.14 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The stock has a market capitalization of $157.62 billion, a price-to-earnings ratio of 87.63, a PEG ratio of 2.50 and a beta of 1.09. The company has a fifty day moving average of $193.56 and a 200 day moving average of $151.06. Corning Incorporated has a fifty-two week low of $51.32 and a fifty-two week high of $271.78.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 3.19 earnings per share 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 dividend yield of 0.6%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is currently 53.59%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GLW. Mizuho boosted their price target on Corning from $220.00 to $270.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Truist Financial raised their price objective on shares of Corning from $149.00 to $205.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Corning in a research report on Friday, May 15th. Citigroup upped their target price on shares of Corning from $225.00 to $240.00 and gave the company a “buy” rating in a report on Monday. Finally, Susquehanna increased their price target on shares of Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a research report on Wednesday, April 29th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $194.69.

Insider Buying and Selling

In other Corning news, VP John Z. Zhang sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction dated 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 $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 160,655 shares of company stock valued at $30,692,560 over the last quarter. 0.25% of the stock is owned by company insiders.

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.