Horizon Investments LLC Trims Stock Holdings in Corning Incorporated $GLW

Key Points

• Horizon Investments LLC has significantly reduced its holdings in Corning Incorporated, trimming its position by 70.1% to 20,033 shares valued at approximately $917,000.
• A number of institutional investors have increased their stakes in Corning, with Kovitz Investment Group Partners LLC growing its holdings by 234.5% to over 413,000 shares.
• Corning's recent earnings report showed $0.60 earnings per share, exceeding analyst estimates, and the company announced a quarterly dividend of $0.28 per share.

Horizon Investments LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 70.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,033 shares of the electronics maker's stock after selling 46,868 shares during the quarter. Horizon Investments LLC's holdings in Corning were worth $917,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GLW. LMR Partners LLP increased its position in Corning by 140.1% in the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after buying an additional 700,442 shares during the last quarter. Gotham Asset Management LLC purchased a new position in Corning in the 4th quarter valued at approximately $306,000. GAMMA Investing LLC raised its holdings in Corning by 29.2% during the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after acquiring an additional 2,567 shares during the period. Dynamic Advisor Solutions LLC lifted its position in shares of Corning by 1.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after acquiring an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after acquiring an additional 23,781 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Trading Up 0.5%

NYSE:GLW traded up $0.3240 during midday trading on Thursday, reaching $64.9240. 2,371,476 shares of the stock traded hands, compared to its average volume of 5,616,099. The stock has a market capitalization of $55.62 billion, a P/E ratio of 69.09, a PEG ratio of 1.45 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The company has a fifty day moving average of $56.55 and a 200 day moving average of $50.42. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the previous year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 119.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on GLW shares. Barclays increased their price objective on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 target price on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Finally, Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $65.17.

Insider Activity

In related news, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the sale, the chief operating officer directly owned 64,838 shares of the company's stock, valued at $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,484 shares of company stock valued at $12,813,804. 0.40% of the stock is owned by insiders.

Corning 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.