Corning Incorporated $GLW Stake Raised by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its position in Corning Incorporated (NYSE:GLW) by 12.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,045 shares of the electronics maker’s stock after buying an additional 5,334 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Corning were worth $7,387,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Herbst Group LLC bought a new stake in Corning during the second quarter valued at $4,474,000. Principal Financial Group Inc. increased its stake in Corning by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock worth $121,483,000 after acquiring an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC increased its stake in Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock worth $12,567,000 after acquiring an additional 24,589 shares during the last quarter. Silverlake Wealth Management LLC bought a new position in Corning in the 2nd quarter worth about $1,872,000. Finally, Atlas Wealth LLC raised its holdings in shares of Corning by 137.8% in the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker’s stock valued at $1,642,000 after acquiring an additional 6,998 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Corning Stock Down 0.8%

GLW opened at $119.47 on Friday. The stock has a market cap of $102.92 billion, a PE ratio of 48.37, a P/E/G ratio of 1.48 and a beta of 1.23. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. Corning Incorporated has a 52 week low of $77.39 and a 52 week high of $271.78. The business’s fifty day simple moving average is $142.09 and its 200 day simple moving average is $156.01.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter last year, the business posted $0.67 earnings per share. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 3.38 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. Corning’s dividend payout ratio is 45.34%.

Key Stories Impacting Corning

Here are a few of the latest stories about GLW:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $134 price target, citing demand for optical fiber from AI data centers. The firm sees Corning’s optical business scaling in 2028, giving investors a longer-term growth catalyst. Jefferies on AI data-center opportunity
• Positive Sentiment: Investors are also pointing to Corning’s multiyear optical agreements with Verizon and AT&T, expansion of U.S. solar manufacturing, and reported ETF buying as support for its fiber, photonics, and solar businesses. Corning ETF buying and AI demand
• Negative Sentiment: That optimism is being offset by a reported analyst downgrade and a more cautious Bernstein reassessment. Coverage described the share price as testing support after a steep recent decline, which may reinforce near-term selling pressure. Analyst views and support levels Shares decline following analyst downgrade

Analyst Ratings Changes

A number of analysts have recently issued reports on GLW shares. The Goldman Sachs Group reiterated an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. Bank of America decreased their price objective on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Morgan Stanley decreased their price objective on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 28th. Citigroup reaffirmed a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. Finally, Truist Financial reiterated a “buy” rating and set a $175.00 target price (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $172.18.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.