Bridgefront Capital LLC Invests $404,000 in Corning Incorporated (NYSE:GLW)

Bridgefront Capital LLC purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,496 shares of the electronics maker's stock, valued at approximately $404,000.

A number of other hedge funds have also recently bought and sold shares of the business. Cary Street Partners Financial LLC acquired a new stake in Corning in the fourth quarter valued at $2,924,000. Baker Avenue Asset Management LP raised its stake in shares of Corning by 18.4% in the 4th quarter. Baker Avenue Asset Management LP now owns 8,475 shares of the electronics maker's stock valued at $403,000 after purchasing an additional 1,319 shares in the last quarter. Bayesian Capital Management LP lifted its position in shares of Corning by 165.7% during the fourth quarter. Bayesian Capital Management LP now owns 128,600 shares of the electronics maker's stock worth $6,111,000 after purchasing an additional 80,200 shares during the last quarter. Bearing Point Capital LLC acquired a new position in Corning in the fourth quarter worth about $914,000. Finally, Aptus Capital Advisors LLC increased its holdings in Corning by 10.7% in the fourth quarter. Aptus Capital Advisors LLC now owns 8,516 shares of the electronics maker's stock valued at $405,000 after buying an additional 820 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE:GLW traded up $0.03 during trading on Friday, reaching $45.08. The company had a trading volume of 2,571,356 shares, compared to its average volume of 5,933,689. Corning Incorporated has a twelve month low of $34.08 and a twelve month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market capitalization of $38.61 billion, a PE ratio of 77.73, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The firm's fifty day moving average is $44.42 and its 200 day moving average is $47.49.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the company posted $0.38 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GLW has been the subject of several research reports. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and lifted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. cut their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four 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's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $53.08.

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.