Redhawk Wealth Advisors Inc. Raises Holdings in Corning Incorporated $GLW

Key Points

• Redhawk Wealth Advisors increased its Corning stake by 178.9% in the second quarter, adding 9,017 shares for a total of 14,058 shares valued at approximately $3.59 million. Institutional investors collectively own 69.8% of Corning.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $174.08, though several firms recently adjusted their targets.
• Corning exceeded quarterly expectations with adjusted EPS of $0.78 and revenue of $4.74 billion, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, while shares were trading down 4.8% at $157.76.

Redhawk Wealth Advisors Inc. boosted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 178.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,058 shares of the electronics maker's stock after acquiring an additional 9,017 shares during the quarter. Redhawk Wealth Advisors Inc.'s holdings in Corning were worth $3,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Atwood & Palmer Inc. purchased a new stake in Corning in the 2nd quarter valued at about $26,000. Berbice Capital Management LLC acquired a new stake in shares of Corning during the fourth quarter valued at about $26,000. Basepoint Wealth LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $26,000. MBM Wealth Consultants LLC purchased a new stake in shares of Corning in the 1st quarter valued at approximately $42,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of Corning in the 4th quarter worth approximately $27,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GLW shares. Citigroup lowered their price objective on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, July 29th. Susquehanna upped their price target on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research note on Wednesday, April 29th. Bank of America raised their price target on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Truist Financial raised Corning from a "hold" rating to a "buy" rating and dropped their price objective for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Finally, Morgan Stanley cut their price objective on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $174.08.

Insiders Place Their Bets

In other news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction 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 directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares of the company's stock, valued at approximately $18,138,016. The trade was a 22.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is currently owned by company insiders.

Corning Trading Down 4.8%

NYSE:GLW opened at $157.76 on Tuesday. Corning Incorporated has a 12-month low of $63.37 and a 12-month high of $271.78. The firm has a market cap of $135.89 billion, a PE ratio of 72.04, a price-to-earnings-growth ratio of 2.12 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. The stock has a fifty day moving average price of $179.35 and a 200 day moving average price of $159.98.

Corning (NYSE:GLW - Get Free Report) last announced 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 return on equity of 20.09% and a net margin of 11.20%.The business had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. During the same quarter last year, the business posted $0.60 EPS. The business'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. Sell-side analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Announces Dividend

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 given a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning's dividend payout ratio is currently 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.

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