Corebridge Financial Inc. Sells 8,755 Shares of Corning Incorporated (NYSE:GLW)

Corebridge Financial Inc. cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 4.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 188,530 shares of the electronics maker's stock after selling 8,755 shares during the period. Corebridge Financial Inc.'s holdings in Corning were worth $8,959,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new stake in shares of Corning during the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton raised its holdings in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after buying an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $35,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GLW has been the topic of several analyst reports. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Barclays cut their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Bank of America increased their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. 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. According to data from MarketBeat, Corning has an average rating of "Moderate Buy" and an average price target of $54.31.

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Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Corning Stock Down 0.6 %

NYSE:GLW traded down $0.26 during trading hours on Tuesday, hitting $45.53. 6,700,113 shares of the company's stock traded hands, compared to its average volume of 5,780,858. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm has a market cap of $39.00 billion, a P/E ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock's fifty day moving average price is $49.64 and its two-hundred day moving average price is $48.00.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.46%. Corning's dividend payout ratio (DPR) is presently 193.10%.

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.