SMART Wealth LLC Sells 13,300 Shares of Corning Incorporated $GLW

SMART Wealth LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 94.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 790 shares of the electronics maker’s stock after selling 13,300 shares during the quarter. SMART Wealth LLC’s holdings in Corning were worth $202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Corning during the 4th quarter valued at $921,435,000. Bank of New York Mellon Corp purchased a new position in shares of Corning during the 2nd quarter valued at about $1,510,911,000. Capital Research Global Investors boosted its position in shares of Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the period. Legal & General Group Plc bought a new position in shares of Corning in the second quarter worth approximately $1,212,283,000. Finally, Wellington Management Group LLP increased its stake in shares of Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after purchasing an additional 4,446,514 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 5.6%

NYSE GLW opened at $154.22 on Friday. The company has a market capitalization 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 one year low of $70.06 and a one year high of $271.78. 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 company’s 50-day simple moving average is $164.74 and its two-hundred day simple moving average is $165.17.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The company had revenue of $4.74 billion during 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%.Corning’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities analysts forecast that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 payout ratio is presently 51.14%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GLW. Morgan Stanley lowered their price objective on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Bank of America lifted their price objective on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Barclays dropped their target price on Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. JPMorgan Chase & Co. cut their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Finally, Oppenheimer reduced their target price on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.08.

Insider Buying and Selling

In related news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred on 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 owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Wendell Weeks sold 100,000 shares of the 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 sale, the chief executive officer directly owned 908,353 shares of the company’s stock, 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 insiders.

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.