Massmutual Trust Co. FSB ADV Lowers Stock Position in Corning Incorporated (NYSE:GLW)

Massmutual Trust Co. FSB ADV decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,429 shares of the electronics maker’s stock after selling 460 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Corning were worth $2,638,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. Scotia Capital Inc. acquired a new position in shares of Corning during the 4th quarter valued at $217,000. KBC Group NV grew its position in shares of Corning by 15.6% during the 4th quarter. KBC Group NV now owns 91,340 shares of the electronics maker’s stock valued at $2,781,000 after buying an additional 12,307 shares during the last quarter. Jones Financial Companies Lllp grew its position in Corning by 22.6% in the 4th quarter. Jones Financial Companies Lllp now owns 4,904 shares of the electronics maker’s stock worth $149,000 after purchasing an additional 904 shares during the last quarter. NEOS Investment Management LLC grew its position in Corning by 32.8% in the 4th quarter. NEOS Investment Management LLC now owns 10,864 shares of the electronics maker’s stock worth $331,000 after purchasing an additional 2,682 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Corning by 19.2% in the fourth quarter. Rafferty Asset Management LLC now owns 240,032 shares of the electronics maker’s stock valued at $7,309,000 after acquiring an additional 38,745 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $44.59 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average price of $41.77 and a 200 day moving average price of $38.27. The company has a market cap of $38.16 billion, a price-to-earnings ratio of 62.80, a PEG ratio of 1.73 and a beta of 1.04. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the business earned $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.51%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analysts Set New Price Targets

Several analysts recently commented on GLW shares. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Morgan Stanley reissued an “equal weight” rating and set a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Finally, Citigroup upped their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

About Corning

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.