Corning Incorporated (NYSE:GLW) Vice Chairman Lawrence D. Mcrae sold 28,994 shares of Corning stock in a transaction 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 sale, the insider now directly owns 169,128 shares of the company’s stock, valued at $5,356,283.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
GLW stock opened at $31.00 on Friday. The firm has a market cap of $23.59 billion, a PE ratio of 310.03, a P/E/G ratio of 13.94 and a beta of 1.10. The business’s 50-day moving average price is $27.43 and its two-hundred day moving average price is $24.73. Corning Incorporated has a 1-year low of $17.44 and a 1-year high of $31.82. The company has a current ratio of 2.27, a quick ratio of 1.44 and a debt-to-equity ratio of 0.79.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.13. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. The company’s quarterly revenue was down 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.2 earnings per share for the current year.
A number of brokerages recently commented on GLW. Susquehanna Bancshares reaffirmed a “hold” rating and set a $26.00 price objective on shares of Corning in a research note on Tuesday, July 28th. Morgan Stanley lifted their price objective on Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 10th. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $25.00 to $36.00 in a research note on Thursday, July 16th. Oppenheimer initiated coverage on Corning in a research note on Tuesday, July 28th. They set a “hold” rating for the company. Finally, Barclays lifted their target price on Corning from $22.00 to $28.00 and gave the stock an “equal weight” rating in a report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus target price of $31.90.
Several institutional investors have recently modified their holdings of GLW. Farmers & Merchants Trust Co of Chambersburg PA lifted its holdings in shares of Corning by 700.0% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 1,225 shares in the last quarter. First Command Bank lifted its holdings in shares of Corning by 49.4% in the second 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 lifted its holdings in shares of Corning by 303.3% in the second 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. Watson Rebecca bought a new stake in shares of Corning in the second quarter valued at about $32,000. Finally, FinTrust Capital Advisors LLC increased its position in shares of Corning by 41.6% in the first quarter. FinTrust Capital Advisors LLC now owns 2,102 shares of the electronics maker’s stock valued at $43,000 after acquiring an additional 618 shares during the last quarter. Institutional investors own 72.96% of the company’s stock.
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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