Empowered Funds LLC Sells 18,769 Shares of Corning Incorporated $GLW

Empowered Funds LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 18.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,476 shares of the electronics maker’s stock after selling 18,769 shares during the quarter. Empowered Funds LLC’s holdings in Corning were worth $20,811,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. 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 valued at $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Corning by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock worth $1,781,250,000 after buying an additional 517,067 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after buying an additional 4,231,507 shares during the last quarter. Capital Research Global Investors increased its position in shares of Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after acquiring an additional 5,831,873 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Corning by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock worth $724,432,000 after acquiring an additional 1,036,988 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GLW shares. Morgan Stanley decreased their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Bank of America raised their target price on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a report on Monday, July 6th. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday. UBS Group reissued a “buy” rating and set a $196.00 price target on shares of Corning in a report on Wednesday, July 29th. Finally, Oppenheimer cut their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $174.08.

Insider Transactions at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer directly 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by company insiders.

Corning Price Performance

Corning stock opened at $152.72 on Friday. The stock has a market capitalization of $131.55 billion, a P/E ratio of 69.73, a P/E/G ratio of 1.96 and a beta of 1.14. The company’s fifty day moving average price is $172.11 and its 200 day moving average price is $164.71. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a 1 year low of $66.14 and a 1 year high of $271.78.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Corning’s dividend payout ratio (DPR) is presently 51.14%.

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.