Gabelli Funds LLC Cuts Stock Holdings in Corning Incorporated $GLW

Gabelli Funds LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 20.1% during the first quarter, Holdings Channel reports. The institutional investor owned 229,876 shares of the electronics maker’s stock after selling 57,823 shares during the quarter. Gabelli Funds LLC’s holdings in Corning were worth $31,256,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of GLW. Vanguard Group Inc. boosted its holdings in Corning by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker’s stock valued at $8,693,247,000 after acquiring an additional 580,678 shares during the period. State Street Corp grew its position in Corning by 1.2% during the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock worth $3,035,836,000 after acquiring an additional 439,883 shares during the last quarter. Geode Capital Management LLC increased its stake in Corning by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock worth $1,781,250,000 after purchasing an additional 517,067 shares during the period. Capital Research Global Investors increased its stake in Corning by 52.7% in the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Corning by 8.1% in the second quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock valued at $724,432,000 after purchasing an additional 1,036,988 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, SVP Soumya Seetharam sold 20,000 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the transaction, the senior vice president owned 25,570 shares in the company, valued at $5,273,301.10. The trade was a 43.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 10,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the completion of the transaction, the vice president directly owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is owned by corporate insiders.

Corning Price Performance

Shares of GLW stock opened at $146.57 on Friday. The firm has a market cap of $126.14 billion, a P/E ratio of 70.13, a P/E/G ratio of 1.93 and a beta of 1.09. Corning Incorporated has a fifty-two week low of $54.89 and a fifty-two week high of $271.78. The business’s 50 day moving average price is $188.01 and its 200-day moving average price is $155.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business’s revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 3.18 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders 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 yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s payout ratio is presently 53.59%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GLW shares. Truist Financial increased their price objective on Corning from $149.00 to $205.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Bank of America upped their price target on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a report on Monday, July 6th. Citigroup increased their price target on shares of Corning from $225.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Morgan Stanley set a $180.00 price target on shares of Corning in a report on Friday, May 8th. Finally, Weiss Ratings cut shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Nine research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $194.69.

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.