Total Clarity Wealth Management Inc. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Total Clarity Wealth Management Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 19.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 8,554 shares of the electronics maker’s stock after selling 2,079 shares during the period. 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 and other institutional investors have also added to or reduced their stakes in GLW. Mesirow Financial Investment Management Inc. raised its position in shares of Corning by 2.4% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 141,018 shares of the electronics maker’s stock worth $5,480,000 after purchasing an additional 3,287 shares during the last quarter. Sierra Summit Advisors LLC raised its holdings in shares of Corning by 7.2% during the second quarter. Sierra Summit Advisors LLC now owns 19,298 shares of the electronics maker’s stock valued at $750,000 after acquiring an additional 1,303 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in shares of Corning by 17.3% in the second quarter. Brown Brothers Harriman & Co. now owns 9,287 shares of the electronics maker’s stock worth $361,000 after acquiring an additional 1,370 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in shares of Corning during the second quarter worth approximately $203,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

NYSE:GLW opened at $42.91 on Tuesday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The stock’s fifty day moving average is $41.84 and its two-hundred day moving average is $37.26. The company has a market capitalization of $36.72 billion, a P/E ratio of 60.44, a P/E/G ratio of 1.62 and a beta of 1.04. 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 (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. Equities analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GLW shares. UBS Group raised their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Barclays raised their price target on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Wednesday, July 31st. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Oppenheimer restated an “outperform” rating and issued a $47.00 price target (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.62.

About Corning

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.