Bridge Creek Capital Management LLC Sells 2,830 Shares of Corning Incorporated (NYSE:GLW)

Bridge Creek Capital Management LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 116,534 shares of the electronics maker’s stock after selling 2,830 shares during the period. Corning accounts for about 1.7% of Bridge Creek Capital Management LLC’s investment portfolio, making the stock its 17th largest holding. Bridge Creek Capital Management LLC’s holdings in Corning were worth $5,538,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. City Holding Co. lifted its stake in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the third quarter valued at about $39,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Corning in the 3rd quarter valued at about $40,000. Global Trust Asset Management LLC boosted its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the period. Finally, Venturi Wealth Management LLC grew its position in Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 473 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 1.0 %

NYSE:GLW traded down $0.49 on Monday, reaching $46.63. 2,445,295 shares of the stock traded hands, compared to its average volume of 3,612,389. The company’s fifty day simple moving average is $47.91 and its 200 day simple moving average is $44.73. The company has a market capitalization of $39.93 billion, a price-to-earnings ratio of 274.29, a PEG ratio of 1.54 and a beta of 1.04. Corning Incorporated has a 12 month low of $29.71 and a 12 month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. Equities analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GLW shares. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $50.77.

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.