Corning Incorporated (NYSE:GLW) Shares Sold by BCK Partners Inc.

BCK Partners Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 54.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,845 shares of the electronics maker's stock after selling 32,564 shares during the quarter. Corning accounts for approximately 0.8% of BCK Partners Inc.'s holdings, making the stock its 8th biggest position. BCK Partners Inc.'s holdings in Corning were worth $1,229,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning in the 4th quarter worth about $29,000. Putney Financial Group LLC acquired a new position in shares of Corning during the 4th quarter valued at about $30,000. Mainstream Capital Management LLC acquired a new position in shares of Corning during the 4th quarter valued at about $35,000. Transce3nd LLC acquired a new position in shares of Corning during the 4th quarter valued at about $39,000. Finally, ORG Partners LLC increased its stake in shares of Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In other Corning news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president now directly owns 9,610 shares of the company's stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.32% of the company's stock.

Corning Stock Performance

Corning stock opened at $51.87 on Monday. The stock has a market cap of $44.42 billion, a P/E ratio of 99.74, a price-to-earnings-growth ratio of 1.40 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a 50 day moving average of $48.09 and a 200-day moving average of $47.91. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business's revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. On average, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Citigroup decreased their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Oppenheimer decreased their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.75.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.