Peak Asset Management LLC Takes $1.56 Million Position in Corning Incorporated $GLW

Peak Asset Management LLC acquired a new position in Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,105 shares of the electronics maker’s stock, valued at approximately $1,559,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. Berbice Capital Management LLC bought a new stake in Corning during the fourth quarter worth approximately $26,000. Basepoint Wealth LLC acquired a new position in Corning in the 4th quarter valued at $26,000. Atwood & Palmer Inc. bought a new position in Corning in the 2nd quarter worth $26,000. Kemnay Advisory Services Inc. bought a new stake in Corning during the fourth quarter valued at about $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $145.19 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm has a market cap of $125.07 billion, a PE ratio of 66.30, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14. Corning Incorporated has a 12 month low of $65.75 and a 12 month high of $271.78. The company’s 50-day moving average price is $174.00 and its two-hundred day moving average price is $163.95.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities analysts anticipate that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend 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%.

Insider Activity

In related news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the sale, the chief executive officer owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

GLW has been the topic of several research reports. Truist Financial upgraded shares of Corning from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $205.00 to $175.00 in a report on Sunday, August 2nd. Citigroup cut their target price on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. 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. Barclays lowered 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. Finally, Susquehanna raised their price objective on shares of Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a report on Wednesday, April 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.08.

Corning Company 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.