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

First Horizon Advisors Inc. lessened its holdings in Corning Incorporated (NYSE:GLW) by 22.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (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 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Natixis Advisors L.P. raised its position in Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after purchasing an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning during the 4th quarter worth approximately $1,199,000. Socha Financial Group LLC boosted its stake in Corning by 8.8% in the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after buying an additional 27,772 shares in the last quarter. HB Wealth Management LLC grew its position in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after acquiring an additional 1,926 shares during the period. Finally, SG Americas Securities LLC raised its stake in Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after acquiring an additional 40,564 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders have sold 119,988 shares of company stock worth $3,984,964 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Up 0.4 %

Corning stock opened at $33.72 on Monday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The firm has a market capitalization of $28.89 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07. The company’s 50 day simple moving average is $32.36 and its 200 day simple moving average is $30.65.

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

Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have commented on GLW. Susquehanna restated a “positive” rating and issued a $40.00 price target on shares of Corning in a research report on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. boosted their price objective on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Morgan Stanley restated an “overweight” rating and issued a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. Finally, UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $34.89.

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.