Investors sold shares of Corning Incorporated (NYSE:GLW) on strength during trading on Monday. $34.10 million flowed into the stock on the tick-up and $82.36 million flowed out of the stock on the tick-down, for a money net flow of $48.26 million out of the stock. Of all companies tracked, Corning had the 33rd highest net out-flow for the day. Corning traded up $0.53 for the day and closed at $29.83
Several brokerages recently issued reports on GLW. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Oppenheimer restated a “hold” rating on shares of Corning in a report on Wednesday, January 31st. Guggenheim restated a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Citigroup boosted their price objective on shares of Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Finally, Barclays set a $38.00 price objective on shares of Corning and gave the company a “buy” rating in a report on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Corning currently has a consensus rating of “Hold” and an average price target of $31.47.
The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $25,580.00, a P/E ratio of -43.87, a PEG ratio of 4.38 and a beta of 1.34.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio is -91.18%.
In other Corning news, Director Deborah Rieman sold 2,083 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the sale, the director now directly owns 102,896 shares in the company, valued at $3,309,135.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Canning, Jr. purchased 30,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were acquired at an average price of $29.60 per share, for a total transaction of $888,000.00. The disclosure for this purchase can be found here. 0.59% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. D.B. Root & Company LLC purchased a new stake in Corning during the fourth quarter worth about $840,000. Xact Kapitalforvaltning AB increased its stake in shares of Corning by 12.1% during the fourth quarter. Xact Kapitalforvaltning AB now owns 84,402 shares of the electronics maker’s stock worth $2,700,000 after buying an additional 9,108 shares during the period. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Corning during the fourth quarter worth approximately $793,000. We Are One Seven LLC purchased a new stake in shares of Corning during the fourth quarter worth approximately $659,000. Finally, Woodard & Co. Asset Management Group Inc. ADV purchased a new stake in shares of Corning during the fourth quarter worth approximately $255,000. Institutional investors own 69.94% of the company’s stock.
ILLEGAL ACTIVITY WARNING: “Traders Sell Shares of Corning (GLW) on Strength (GLW)” was first posted by Ticker Report and is the property of of Ticker Report. If you are viewing this piece of content on another domain, it was illegally copied and republished in violation of US & international copyright laws. The original version of this piece of content can be viewed at https://www.tickerreport.com/banking-finance/3224278/traders-sell-shares-of-corning-glw-on-strength-glw.html.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.