HB Wealth Management LLC Reduces Holdings in Corning Incorporated $GLW

Key Points

• HB Wealth Management LLC has reduced its holdings in Corning Incorporated by 71.4%, now owning 22,004 shares valued at approximately $1.16 million.
• Corning reported earnings of $0.60 per share for the last quarter, exceeding analysts' expectations of $0.57, with revenue of $3.86 billion.
• The company's stock has an average target price of $71.42, with most analysts rating it a "Moderate Buy."

HB Wealth Management LLC decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 71.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,004 shares of the electronics maker's stock after selling 54,815 shares during the quarter. HB Wealth Management LLC's holdings in Corning were worth $1,157,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Kavar Capital Partners Group LLC lifted its holdings in Corning by 5.7% during the second quarter. Kavar Capital Partners Group LLC now owns 11,664 shares of the electronics maker's stock valued at $613,000 after purchasing an additional 631 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Corning by 5.7% during the second quarter. Janney Montgomery Scott LLC now owns 473,408 shares of the electronics maker's stock valued at $24,897,000 after purchasing an additional 25,484 shares in the last quarter. Venture Visionary Partners LLC raised its stake in Corning by 146.7% during the second quarter. Venture Visionary Partners LLC now owns 70,526 shares of the electronics maker's stock valued at $3,709,000 after purchasing an additional 41,935 shares in the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH purchased a new stake in Corning during the second quarter valued at $576,000. Finally, GC Wealth Management RIA LLC purchased a new stake in Corning during the second quarter valued at $641,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Up 1.3%

NYSE:GLW opened at $83.60 on Friday. The stock's 50 day simple moving average is $70.74 and its 200-day simple moving average is $55.91. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $84.35. The firm has a market cap of $71.62 billion, a P/E ratio of 88.94, a PEG ratio of 1.84 and a beta of 1.14. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter in the prior year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Insider Activity

In other news, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the sale, the chief executive officer owned 809,295 shares in the company, valued at approximately $52,757,941.05. This trade represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jaymin Amin sold 17,721 shares of the stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the sale, the senior vice president owned 88,722 shares of the company's stock, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 181,671 shares of company stock valued at $11,816,899 in the last three months. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Argus reiterated a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Susquehanna reissued a "positive" rating and set a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and set a $72.00 target price (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Wall Street Zen lowered Corning from a "strong-buy" rating to a "hold" rating in a research report on Saturday, September 13th. Finally, Citigroup raised their price objective on Corning from $72.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $71.42.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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