Corning Incorporated $GLW Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management reduced its Corning stake by 9.3% in the second quarter, selling 6,725 shares and retaining 65,576 shares valued at approximately $16.75 million.
• Institutional investors remain heavily involved, owning 69.8% of Corning’s stock, while company insiders own just 0.25%; Corning’s CEO and an executive vice president also recently sold shares.
• Analysts maintain a consensus “Moderate Buy” rating with a $174.08 price target. Corning exceeded quarterly earnings and revenue estimates, issued third-quarter EPS guidance of $0.85–$0.89, and declared a quarterly dividend of $0.28 per share.

HB Wealth Management LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 9.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 65,576 shares of the electronics maker's stock after selling 6,725 shares during the period. HB Wealth Management LLC's holdings in Corning were worth $16,750,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in Corning during the fourth quarter valued at approximately $921,435,000. Bank of New York Mellon Corp acquired a new position in shares of Corning in the 2nd quarter worth approximately $1,510,911,000. Capital Research Global Investors grew its position in shares of 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 acquiring an additional 5,831,873 shares in the last quarter. Legal & General Group Plc bought a new stake in shares of Corning in the 2nd quarter valued at approximately $1,212,283,000. Finally, Wellington Management Group LLP increased its holdings in shares of Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock valued at $3,365,084,000 after acquiring an additional 4,446,514 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corning

In other Corning news, EVP Lewis A. Steverson sold 13,100 shares of the company's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Wendell Weeks sold 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were 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. The trade was a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GLW shares. Oppenheimer reduced their price objective on Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Bank of America increased 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. Zacks Research downgraded shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Morgan Stanley reduced their price target on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 29th. Finally, Weiss Ratings downgraded shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.08.

Corning Trading Up 5.6%

NYSE:GLW opened at $154.22 on Friday. The firm has a market capitalization of $132.84 billion, a P/E ratio of 70.42, a P/E/G ratio of 1.98 and a beta of 1.16. The business has a 50 day simple moving average of $164.74 and a 200 day simple moving average of $165.17. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a 12-month low of $70.06 and a 12-month high of $271.78.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm's revenue for the quarter was up 17.1% on a year-over-year basis. During the same period last year, the company earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts predict that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source