Corning Inc. (NYSE:GLW) insider David L. Morse sold 18,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the completion of the sale, the insider now directly owns 61,629 shares of the company’s stock, valued at C$1,448,281.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Corning Inc. (NYSE:GLW) opened at 23.65 on Friday. The firm has a market cap of $24.52 billion, a PE ratio of 13.03 and a beta of 1.44. The stock’s 50 day moving average is $22.83 and its 200-day moving average is $21.09. Corning Inc. has a 52 week low of $16.13 and a 52 week high of $23.81.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The business earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts predict that Corning Inc. will post $1.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st were paid a $0.135 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.28%. Corning’s dividend payout ratio (DPR) is currently 29.51%.
Several large investors have recently bought and sold shares of GLW. Whittier Trust Co. raised its stake in shares of Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares during the period. First Manhattan Co. raised its stake in shares of Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares during the period. Zions Bancorporation raised its stake in shares of Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock worth $164,000 after buying an additional 6,498 shares during the period. Invictus RG raised its stake in shares of Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares during the period. Finally, Sunbelt Securities Inc. raised its stake in shares of Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock worth $195,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 73.63% of the company’s stock.
A number of brokerages have commented on GLW. Argus reiterated a “buy” rating on shares of Corning in a report on Sunday, June 12th. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 target price for the company in a report on Monday, June 27th. Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and reduced their target price for the stock from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Susquehanna reiterated a “positive” rating and issued a $27.00 target price (up from $25.00) on shares of Corning in a report on Wednesday. Finally, Goldman Sachs Group Inc. upgraded shares of Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 target price for the company in a report on Thursday, July 7th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of C$21.98.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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