Corning Incorporated (NYSE:GLW) Shares Sold by Bridge Creek Capital Management LLC

Bridge Creek Capital Management LLC reduced its stake in Corning Incorporated (NYSE:GLW - Free Report) by 6.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 109,419 shares of the electronics maker's stock after selling 7,115 shares during the period. Corning makes up 1.6% of Bridge Creek Capital Management LLC's portfolio, making the stock its 23rd largest holding. Bridge Creek Capital Management LLC's holdings in Corning were worth $5,009,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in GLW. Tallon Kerry Patrick bought a new position in Corning during the 4th quarter valued at about $302,000. Brighton Jones LLC lifted its holdings in shares of Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after buying an additional 2,114 shares during the period. Caprock Group LLC increased its stake in shares of Corning by 1.1% during the fourth quarter. Caprock Group LLC now owns 28,229 shares of the electronics maker's stock valued at $1,341,000 after buying an additional 301 shares during the period. Waldron Private Wealth LLC bought a new stake in shares of Corning in the 4th quarter valued at about $209,000. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Corning by 5.3% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 25,965 shares of the electronics maker's stock worth $1,234,000 after purchasing an additional 1,303 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president now owns 31,505 shares in the company, valued at $1,575,565.05. This represents a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on GLW. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Four 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Trading Up 0.0%

Shares of GLW stock traded up $0.01 on Wednesday, hitting $50.79. 4,505,232 shares of the stock traded hands, compared to its average volume of 5,970,079. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The stock has a market capitalization of $43.50 billion, a PE ratio of 87.57, a PEG ratio of 1.50 and a beta of 1.09. The firm's 50-day moving average price is $44.98 and its two-hundred day moving average price is $47.60. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

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. The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company's revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.38 EPS. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.21%. Corning's payout ratio is presently 215.38%.

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.