Corning Incorporated $GLW Shares Purchased by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 46.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,941 shares of the electronics maker’s stock after purchasing an additional 3,491 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Corning were worth $1,682,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Alliance Wealth Advisors LLC raised its holdings in Corning by 1.4% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock valued at $1,033,000 after buying an additional 56 shares during the last quarter. Ares Financial Consulting LLC boosted its position in Corning by 15.6% during the 2nd quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock worth $113,000 after buying an additional 60 shares during the period. Signature Equity Partners LLC grew its holdings in Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after acquiring an additional 62 shares during the last quarter. Beirne Wealth Consulting Services LLC grew its holdings in Corning by 0.8% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock worth $1,094,000 after acquiring an additional 64 shares during the last quarter. Finally, Balefire LLC increased its position in Corning by 0.7% in the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock valued at $1,305,000 after acquiring an additional 65 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Mizuho dropped their price target on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. Barclays cut their price target on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday. JPMorgan Chase & Co. reduced their price objective 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. Finally, Truist Financial increased their price objective on Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Friday, October 2nd. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $177.56.

Corning Trading Up 0.8%

Shares of GLW traded up $1.24 during mid-day trading on Tuesday, reaching $148.52. 7,344,179 shares of the company were exchanged, compared to its average volume of 12,000,058. Corning Incorporated has a 52 week low of $77.39 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 stock has a market capitalization of $127.93 billion, a PE ratio of 67.82, a PEG ratio of 2.00 and a beta of 1.13. The business has a 50 day simple moving average of $155.78 and a two-hundred day simple moving average of $168.86.

Corning (NYSE:GLW) last posted its quarterly earnings data 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 company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same period in the previous year, the firm earned $0.60 earnings per share. The firm’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. On average, analysts predict that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning’s payout ratio is 51.14%.

Corning Profile

Corning Incorporated (NYSE: GLW) is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.