Corning Incorporated (NYSE:GLW) Shares Sold by Total Clarity Wealth Management Inc.

Total Clarity Wealth Management Inc. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 19.6% during the second quarter, Holdings Channel reports. The firm owned 8,554 shares of the electronics maker’s stock after selling 2,079 shares during the quarter. Total Clarity Wealth Management Inc.’s holdings in Corning were worth $332,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Access Investment Management LLC purchased a new stake in Corning during the 1st quarter worth approximately $28,000. Cape Investment Advisory Inc. increased its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning during the first quarter worth $33,000. Register Financial Advisors LLC purchased a new position in Corning in the first quarter valued at $33,000. Finally, ESL Trust Services LLC acquired a new position in Corning during the 1st quarter worth $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GLW. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Susquehanna lifted their price target on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Oppenheimer reiterated an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Trading Up 1.0 %

GLW opened at $42.91 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The business’s 50 day moving average is $41.84 and its two-hundred day moving average is $37.26. The firm has a market cap of $36.72 billion, a price-to-earnings ratio of 60.44, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 EPS. On average, research analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.61%. Corning’s dividend payout ratio (DPR) is 157.75%.

Corning Company 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.