Corning Incorporated (NYSE:GLW) EVP Sells $990,772.90 in Stock

Corning Incorporated (NYSE:GLW) EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Corning Trading Up 0.4 %

Shares of GLW opened at $33.72 on Friday. The firm has a market capitalization of $28.84 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.70 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a 50-day moving average of $32.36 and a 200 day moving average of $30.61.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The company’s revenue was down 11.5% on a year-over-year basis. On average, research analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is 157.75%.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently made changes to their positions in GLW. FDx Advisors Inc. raised its holdings in shares of Corning by 7.3% in the 1st quarter. FDx Advisors Inc. now owns 35,115 shares of the electronics maker’s stock valued at $1,157,000 after purchasing an additional 2,399 shares in the last quarter. Larson Financial Group LLC raised its stake in Corning by 199.5% in the first quarter. Larson Financial Group LLC now owns 3,262 shares of the electronics maker’s stock worth $108,000 after buying an additional 2,173 shares in the last quarter. Wellington Shields & Co. LLC raised its stake in Corning by 51.4% in the first quarter. Wellington Shields & Co. LLC now owns 29,456 shares of the electronics maker’s stock worth $971,000 after buying an additional 10,000 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Corning by 119.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 27,087 shares of the electronics maker’s stock worth $893,000 after buying an additional 14,744 shares during the period. Finally, Peoples Bank OH bought a new stake in Corning during the 1st quarter valued at $206,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Morgan Stanley reissued an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. UBS Group raised their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $34.89.

Corning Company Profile

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.