MassMutual Private Wealth & Trust FSB Sells 1,243 Shares of Corning Incorporated (NYSE:GLW)

MassMutual Private Wealth & Trust FSB reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,186 shares of the electronics maker’s stock after selling 1,243 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in Corning were worth $2,717,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. City Holding Co. boosted its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Rosenberg Matthew Hamilton lifted 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 purchasing an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning during the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning in the third quarter worth approximately $40,000. Finally, Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $50.77.

Corning Price Performance

GLW stock opened at $49.83 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market capitalization of $42.66 billion, a price-to-earnings ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04. The firm has a 50 day moving average price of $47.96 and a 200-day moving average price of $45.08. Corning Incorporated has a 52-week low of $29.82 and a 52-week high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

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.