Greg Jennings LLC Acquires New Position in Corning Incorporated $GLW

by · The Cerbat Gem

Greg Jennings LLC bought a new position in shares of Corning Incorporated (NYSE:GLW – Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 19,247 shares of the electronics maker’s stock, valued at approximately $2,959,000. Corning comprises 2.0% of Greg Jennings LLC’s portfolio, making the stock its 18th biggest holding.

Other hedge funds have also recently bought and sold shares of the company. Atwood & Palmer Inc. acquired a new position in Corning in the 2nd quarter valued at $26,000. Rogco LP purchased a new position in shares of Corning during the 2nd quarter worth $27,000. Western Pacific Wealth Management LP purchased a new position in shares of Corning during the 3rd quarter worth $25,000. Toth Financial Advisory Corp lifted its stake in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 98 shares during the period. Finally, Cornerstone Financial Management LLC boosted its holdings in shares of Corning by 63.3% during the second quarter. Cornerstone Financial Management LLC now owns 196 shares of the electronics maker’s stock worth $50,000 after purchasing an additional 76 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.25% of the stock is owned by corporate insiders.

Corning Trading Up 0.6%

Shares of GLW traded up $0.83 during trading hours on Monday, hitting $132.83. The stock had a trading volume of 6,864,080 shares, compared to its average volume of 11,934,437. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The firm has a market cap of $114.42 billion, a P/E ratio of 60.65, a P/E/G ratio of 1.68 and a beta of 1.13. The company’s fifty day simple moving average is $154.18 and its 200 day simple moving average is $168.95. Corning Incorporated has a 12-month low of $77.39 and a 12-month high of $271.78.

Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the previous year, the business earned $0.60 earnings per share. The firm’s quarterly 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. Equities research analysts forecast that Corning Incorporated will post 3.28 EPS 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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is 51.14%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GLW. The Goldman Sachs Group reissued an “outperform” rating on shares of Corning in a research note on Tuesday, September 15th. Morgan Stanley lowered their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Truist Financial upped their price objective on shares of Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Bank of America lowered their target price on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $177.56.

Get Our Latest Analysis on GLW

About Corning

(Free Report)

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.

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