Mascoma Wealth Management LLC cut its stake in Corning Incorporated (NYSE:GLW) by 64.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,445 shares of the electronics maker’s stock after selling 2,635 shares during the period. Mascoma Wealth Management LLC’s holdings in Corning were worth $48,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of GLW. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Corning by 4.0% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 266,135 shares of the electronics maker’s stock valued at $8,040,000 after acquiring an additional 10,215 shares during the last quarter. Coastline Trust Co lifted its stake in Corning by 1.0% during the fourth quarter. Coastline Trust Co now owns 60,372 shares of the electronics maker’s stock worth $1,824,000 after purchasing an additional 592 shares in the last quarter. Putnam FL Investment Management Co. lifted its stake in Corning by 9.8% during the fourth quarter. Putnam FL Investment Management Co. now owns 6,759 shares of the electronics maker’s stock worth $204,000 after purchasing an additional 605 shares in the last quarter. Vivaldi Capital Management LLC acquired a new position in Corning during the fourth quarter worth $372,000. Finally, Cigna Investments Inc. New lifted its stake in Corning by 2.1% during the fourth quarter. Cigna Investments Inc. New now owns 23,378 shares of the electronics maker’s stock worth $706,000 after purchasing an additional 471 shares in the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.

GLW has been the topic of a number of research reports. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $35.50.

NYSE:GLW traded up $0.37 during trading hours on Tuesday, reaching $34.72. 32,130 shares of the stock were exchanged, compared to its average volume of 4,290,324. The company has a quick ratio of 1.51, a current ratio of 2.12 and a debt-to-equity ratio of 0.52. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56. The stock has a market capitalization of $27.14 billion, a price-to-earnings ratio of 19.50, a price-to-earnings-growth ratio of 1.98 and a beta of 1.16.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Corning had a return on equity of 14.21% and a net margin of 9.44%. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the prior year, the firm earned $0.49 earnings per share. The firm’s revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Corning Incorporated will post 2 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 28th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.30%. This is a boost from Corning’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, February 27th. Corning’s dividend payout ratio is 44.94%.

In other news, insider David L. Morse sold 35,701 shares of the stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $33.71, for a total value of $1,203,480.71. Following the sale, the insider now directly owns 47,961 shares in the company, valued at $1,616,765.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Eric S. Musser sold 33,023 shares of the stock in a transaction on Friday, February 15th. The shares were sold at an average price of $34.29, for a total value of $1,132,358.67. Following the completion of the sale, the vice president now owns 61,944 shares in the company, valued at $2,124,059.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 328,767 shares of company stock worth $11,162,588. Insiders own 0.46% of the company’s stock.

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Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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