MassMutual Private Wealth & Trust FSB Has $2.06 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

MassMutual Private Wealth & Trust FSB lessened its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 21.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,035 shares of the electronics maker's stock after selling 12,151 shares during the period. MassMutual Private Wealth & Trust FSB's holdings in Corning were worth $2,062,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in GLW. Sierra Ocean LLC acquired a new position in Corning during the fourth quarter valued at $25,000. Asset Planning Inc acquired a new stake in Corning during the fourth quarter valued at $29,000. Vermillion Wealth Management Inc. purchased a new position in Corning in the fourth quarter valued at $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the fourth quarter worth about $30,000. Finally, Mainstream Capital Management LLC purchased a new stake in shares of Corning during the 4th quarter worth about $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE:GLW traded down $0.41 during midday trading on Friday, reaching $49.55. The stock had a trading volume of 12,836,651 shares, compared to its average volume of 5,981,219. Corning Incorporated has a 12-month low of $36.58 and a 12-month high of $55.33. The firm has a fifty day simple moving average of $44.83 and a two-hundred day simple moving average of $47.56. The stock has a market cap of $42.44 billion, a P/E ratio of 85.43, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.26%. Corning's dividend payout ratio (DPR) is 215.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on GLW shares. Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Insider Transactions at Corning

In other news, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the sale, the senior vice president now directly owns 31,505 shares of the company's stock, valued at $1,575,565.05. This trade represents a 31.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,291 shares of company stock worth $3,307,320. 0.40% of the stock is currently 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.