Bridge Creek Capital Management LLC Acquires 2,200 Shares of Corning Incorporated (NYSE:GLW)

Bridge Creek Capital Management LLC lifted its stake in Corning Incorporated (NYSE:GLWFree Report) by 1.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,699 shares of the electronics maker’s stock after acquiring an additional 2,200 shares during the period. Bridge Creek Capital Management LLC’s holdings in Corning were worth $3,978,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. O Keefe Stevens Advisory Inc. increased its stake in Corning by 1.5% during the first quarter. O Keefe Stevens Advisory Inc. now owns 301,800 shares of the electronics maker’s stock valued at $9,947,000 after acquiring an additional 4,410 shares during the period. Werlinich Asset Management LLC increased its position in shares of Corning by 0.9% during the first quarter. Werlinich Asset Management LLC now owns 70,555 shares of the electronics maker’s stock valued at $2,330,000 after purchasing an additional 600 shares during the period. Gulf International Bank UK Ltd raised its stake in shares of Corning by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 69,899 shares of the electronics maker’s stock valued at $2,303,000 after purchasing an additional 394 shares in the last quarter. CHURCHILL MANAGEMENT Corp bought a new position in Corning in the first quarter worth $1,708,000. Finally, Dakota Community Bank & Trust NA boosted its stake in Corning by 52.0% during the first quarter. Dakota Community Bank & Trust NA now owns 4,064 shares of the electronics maker’s stock worth $134,000 after buying an additional 1,390 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GLW. Bank of America raised their price objective on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Citigroup upped their price objective on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley downgraded Corning from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $35.00 to $38.00 in a research report on Thursday, June 13th. Finally, UBS Group upped their price target on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.67.

Read Our Latest Research Report on GLW

Insider Activity

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 175,207 shares of company stock valued at $5,876,067. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW traded up $0.20 during midday trading on Friday, reaching $40.05. The company’s stock had a trading volume of 12,917,967 shares, compared to its average volume of 6,286,061. The business’s fifty day simple moving average is $35.17 and its 200-day simple moving average is $32.79. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.46. The company has a market capitalization of $34.31 billion, a P/E ratio of 56.41, a P/E/G ratio of 1.81 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the company posted $0.41 EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, equities research analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be given a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 2.80%. Corning’s payout ratio is 157.75%.

Corning Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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