Corning Inc. (NYSE:GLW) declared a quarterly dividend on Wednesday, October 5th. Stockholders of record on Thursday, November 17th will be paid a dividend of 0.135 per share on Thursday, December 15th. This represents a $0.54 annualized dividend and a dividend yield of 2.27%.
Corning (NYSE:GLW) opened at 23.80 on Thursday. The stock has a 50 day moving average price of $22.89 and a 200 day moving average price of $21.18. Corning has a 12 month low of $16.13 and a 12 month high of $23.89. The stock has a market capitalization of $24.68 billion, a P/E ratio of 13.11 and a beta of 1.34.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. The company earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. Equities analysts predict that Corning will post $1.43 EPS for the current fiscal year.
In other Corning news, VP Eric S. Musser sold 56,853 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the transaction, the vice president now directly owns 25,693 shares of the company’s stock, valued at approximately C$574,752.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David L. Morse sold 18,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 61,629 shares in the company, valued at C$1,448,281.50. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cannell Peter B & Co. Inc. raised its position in Corning by 1.4% in the second quarter. Cannell Peter B & Co. Inc. now owns 113,470 shares of the company’s stock worth $2,324,000 after buying an additional 1,570 shares during the period. APG Asset Management N.V. raised its position in Corning by 4.5% in the second quarter. APG Asset Management N.V. now owns 2,940,051 shares of the company’s stock worth $60,212,000 after buying an additional 127,700 shares during the period. Raymond James & Associates raised its position in Corning by 5.7% in the second quarter. Raymond James & Associates now owns 1,905,001 shares of the company’s stock worth $39,014,000 after buying an additional 102,936 shares during the period. Sunbelt Securities Inc. raised its position in 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. Finally, Ancora Advisors LLC raised its position in Corning by 1.1% in the second quarter. Ancora Advisors LLC now owns 188,274 shares of the company’s stock worth $3,856,000 after buying an additional 1,986 shares during the period. 73.63% of the stock is currently owned by institutional investors and hedge funds.
GLW has been the subject of a number of research analyst reports. Bank of America Corp. restated a “sell” rating and issued a $17.50 target price on shares of Corning in a research note on Wednesday, September 21st. Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Susquehanna restated a “positive” rating and issued a $27.00 target price (up previously from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Citigroup Inc. raised their target price on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. Finally, Standpoint Research downgraded Corning from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of C$21.98.
Corning Company Profile
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.
Receive News & Ratings for Corning Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Inc. and related companies with MarketBeat.com's FREE daily email newsletter.