Forvis Mazars Wealth Advisors LLC Has $760,000 Stock Position in Corning Incorporated (NYSE:GLW)

Forvis Mazars Wealth Advisors LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 1.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,993 shares of the electronics maker’s stock after selling 200 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in Corning were worth $760,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Sound Income Strategies LLC lifted its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc bought a new position in Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton boosted its position in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares in the last quarter. Finally, JFS Wealth Advisors LLC grew its stake in shares of Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after buying an additional 512 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

GLW stock opened at $51.46 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market cap of $44.08 billion, a price-to-earnings ratio of 88.72, a PEG ratio of 1.50 and a beta of 1.03. The company’s fifty day simple moving average is $49.92 and its 200 day simple moving average is $46.77. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.11%.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GLW shares. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.