Bridge Creek Capital Management LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 128,312 shares of the electronics maker’s stock after selling 3,150 shares during the quarter. Corning accounts for about 2.0% of Bridge Creek Capital Management LLC’s portfolio, making the stock its 15th largest holding. Bridge Creek Capital Management LLC’s holdings in Corning were worth $4,159,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of GLW. Rockbridge Investment Management LCC acquired a new position in shares of Corning in the 2nd quarter valued at about $25,000. Old North State Trust LLC purchased a new position in shares of Corning in the 3rd quarter valued at about $27,000. First Command Bank increased its stake in shares of Corning by 49.4% in the 2nd quarter. First Command Bank now owns 1,164 shares of the electronics maker’s stock valued at $30,000 after purchasing an additional 385 shares in the last quarter. First PREMIER Bank increased its stake in shares of Corning by 303.3% in the 2nd quarter. First PREMIER Bank now owns 1,210 shares of the electronics maker’s stock valued at $31,000 after purchasing an additional 910 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Corning in the 2nd quarter valued at about $31,000. 75.55% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Clark S. Kinlin sold 28,840 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $30.80, for a total transaction of $888,272.00. Following the transaction, the executive vice president now directly owns 80,881 shares in the company, valued at approximately $2,491,134.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total value of $918,239.98. Following the transaction, the insider now owns 169,128 shares in the company, valued at $5,356,283.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 283,163 shares of company stock worth $8,912,917. Insiders own 0.47% of the company’s stock.
NYSE:GLW traded up $0.22 during trading hours on Friday, hitting $35.18. 3,588,330 shares of the stock were exchanged, compared to its average volume of 5,885,929. The company has a market cap of $26.80 billion, a P/E ratio of 351.84, a P/E/G ratio of 11.64 and a beta of 1.13. The firm’s fifty day moving average price is $32.72 and its 200 day moving average price is $27.20. Corning Incorporated has a 52-week low of $17.44 and a 52-week high of $35.83. The company has a current ratio of 2.27, a quick ratio of 1.53 and a debt-to-equity ratio of 0.79.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.13. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. The business’s revenue for the quarter was down 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 EPS. Equities analysts expect that Corning Incorporated will post 1.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Thursday, November 12th. Corning’s dividend payout ratio is currently 50.00%.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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