Primecap Management Co. CA Purchases New Position in Corning Incorporated $GLW

Primecap Management Co. CA acquired a new position in Corning Incorporated (NYSE:GLW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,131,872 shares of the electronics maker’s stock, valued at approximately $1,055,404,000. Primecap Management Co. CA owned about 0.48% of Corning as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insiders Place Their Bets

In related news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.

Corning Stock Performance

NYSE:GLW opened at $147.45 on Wednesday. The firm has a market capitalization of $127.01 billion, a PE ratio of 67.33, a PEG ratio of 1.86 and a beta of 1.14. Corning Incorporated has a 1 year low of $66.14 and a 1 year high of $271.78. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. The firm’s fifty day simple moving average is $173.41 and its 200 day simple moving average is $164.22.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same quarter in the previous year, the business earned $0.60 EPS. The business’s 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, sell-side analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a dividend of $0.28 per share. 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 currently 51.14%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Mizuho reduced their price target on Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Zacks Research downgraded Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. UBS Group reissued a “buy” rating and set a $196.00 price objective on shares of Corning in a report on Wednesday, July 29th. Finally, Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a report on Monday. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus 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.