SurgoCap Partners LP Takes $203.62 Million Position in Corning Incorporated $GLW

SurgoCap Partners LP acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 797,181 shares of the electronics maker’s stock, valued at approximately $203,624,000. Corning comprises about 6.6% of SurgoCap Partners LP’s portfolio, making the stock its 8th largest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atwood & Palmer Inc. bought a new stake in Corning during the second quarter worth about $26,000. Burk Holdings LLC purchased a new position in shares of Corning in the 2nd quarter worth about $53,000. Aberdeen Wealth Management LLC bought a new position in shares of Corning during the 2nd quarter valued at about $57,000. First Community Trust NA bought a new position in shares of Corning during the 2nd quarter valued at about $72,000. Finally, N.E.W. Advisory Services LLC purchased a new position in shares of Corning during the 2nd quarter valued at about $76,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

GLW opened at $145.19 on Tuesday. The stock’s 50 day simple moving average is $174.00 and its 200 day simple moving average is $163.95. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a 1 year low of $65.75 and a 1 year high of $271.78. The firm has a market cap of $125.07 billion, a price-to-earnings ratio of 66.30, a PEG ratio of 1.92 and a beta of 1.14.

Corning (NYSE:GLW) last announced 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. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. During the same period in the previous year, the firm earned $0.60 EPS. The business’s quarterly revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, analysts predict that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s payout ratio is presently 51.14%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GLW shares. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research note on Monday. JPMorgan Chase & Co. decreased their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Bank of America boosted their price objective on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a report on Monday, July 6th. Mizuho cut their price objective on shares of Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Finally, Citigroup reduced their target price on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $174.08.

Insider Buying and Selling

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were 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 owned 908,353 shares of the company’s stock, valued at $169,371,500.38. This represents a 9.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

Corning 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.