Corning Incorporated (NYSE:GLW) Shares Bought by Massmutual Trust Co. FSB ADV

Massmutual Trust Co. FSB ADV raised its holdings in Corning Incorporated (NYSE:GLW) by 75.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,777 shares of the electronics maker’s stock after purchasing an additional 24,421 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Corning were worth $1,871,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Rise Advisors LLC lifted its position in Corning by 76.2% in the first quarter. Rise Advisors LLC now owns 1,669 shares of the electronics maker’s stock valued at $55,000 after buying an additional 722 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Corning in the 1st quarter worth approximately $86,000. Tompkins Financial Corp increased its holdings in Corning by 4.5% in the 1st quarter. Tompkins Financial Corp now owns 29,812 shares of the electronics maker’s stock valued at $983,000 after purchasing an additional 1,274 shares during the last quarter. CWM LLC raised its position in Corning by 11.6% in the first quarter. CWM LLC now owns 22,649 shares of the electronics maker’s stock valued at $747,000 after purchasing an additional 2,359 shares during the period. Finally, Moody National Bank Trust Division acquired a new position in Corning during the first quarter worth $207,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $39.88 on Friday. The company has a market cap of $34.16 billion, a P/E ratio of 56.17, a PEG ratio of 1.83 and a beta of 1.08. The firm has a fifty day moving average price of $35.00 and a 200 day moving average price of $32.68. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $40.45.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 2.81%. Corning’s dividend payout ratio is currently 157.75%.

Insider Buying and Selling at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 over the last three months. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday. UBS Group raised their price objective on shares of Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $37.00 to $43.00 in a report on Thursday, May 30th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus target price of $37.92.

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.