SMART Wealth LLC Has $202,000 Stake in Corning Incorporated $GLW

Key Points

• SMART Wealth LLC cut its Corning stake by 94.4% in the second quarter, selling 13,300 shares and retaining 790 shares valued at approximately $202,000. Institutional investors collectively own 69.8% of Corning.
• Corning exceeded quarterly expectations with $0.78 EPS and $4.74 billion in revenue, up 17.1% year over year. The company issued third-quarter EPS guidance of $0.85–$0.89.
• Corning declared a quarterly dividend of $0.28 per share, equivalent to a 0.7% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $174.08, though several firms recently reduced their targets.

SMART Wealth LLC trimmed its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 94.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 790 shares of the electronics maker's stock after selling 13,300 shares during the period. SMART Wealth LLC's holdings in Corning were worth $202,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. Berbice Capital Management LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning in the fourth quarter valued at approximately $26,000. Atwood & Palmer Inc. bought a new stake in shares of Corning in the second quarter valued at approximately $26,000. Rogco LP purchased a new stake in shares of Corning during the 2nd quarter valued at approximately $27,000. Finally, Kemnay Advisory Services Inc. bought a new position in Corning in the 4th quarter worth approximately $27,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 5.6%

GLW stock opened at $154.22 on Friday. The company's 50 day moving average is $164.74 and its 200 day moving average is $165.17. 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 market cap of $132.84 billion, a price-to-earnings ratio of 70.42, a price-to-earnings-growth ratio of 1.98 and a beta of 1.16. Corning Incorporated has a 1-year low of $70.06 and a 1-year high of $271.78.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same period in the previous year, the firm posted $0.60 EPS. The firm'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. Sell-side analysts predict that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on GLW shares. Truist Financial upgraded shares of Corning from a "hold" rating to a "buy" rating and reduced their price objective for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Mizuho cut their price target on Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Barclays reduced their price target on Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Weiss Ratings cut Corning from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, August 21st. Finally, Zacks Research lowered Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Insider Transactions at Corning

In other 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 transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Wendell Weeks sold 100,000 shares of the firm's stock in a transaction dated Tuesday, June 9th. The stock was 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. This represents a 9.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is currently owned by company insiders.

About Corning

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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