First Horizon Advisors Inc. Has $312,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

First Horizon Advisors Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 22.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,253 shares of the electronics maker’s stock after selling 2,890 shares during the quarter. First Horizon Advisors Inc.’s holdings in Corning were worth $312,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. increased its stake in Corning by 2.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock valued at $3,351,000 after purchasing an additional 2,308 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Corning by 9.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 269,980 shares of the electronics maker’s stock worth $8,226,000 after acquiring an additional 24,225 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Corning by 152.3% during the third quarter. Stratos Wealth Partners LTD. now owns 21,262 shares of the electronics maker’s stock worth $648,000 after acquiring an additional 12,836 shares in the last quarter. Forsta AP Fonden raised its holdings in shares of Corning by 11.2% in the 3rd quarter. Forsta AP Fonden now owns 229,000 shares of the electronics maker’s stock worth $6,978,000 after acquiring an additional 23,100 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its position in Corning by 19.4% in the 3rd quarter. Lindbrook Capital LLC now owns 8,651 shares of the electronics maker’s stock valued at $264,000 after acquiring an additional 1,408 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The disclosure for this sale can be found here. Insiders sold a total of 119,988 shares of company stock valued at $3,984,964 in the last quarter. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GLW. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. UBS Group increased their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $34.89.

Corning Price Performance

GLW stock opened at $33.72 on Monday. The firm has a 50 day moving average of $32.36 and a 200-day moving average of $30.65. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $28.89 billion, a P/E ratio of 47.49, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The business’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio is currently 157.75%.

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.