Corning Incorporated (NYSE:GLW) SVP Sells $419,287.32 in Stock

Corning Incorporated (NYSE:GLW) SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Corning Price Performance

Corning stock opened at $33.72 on Friday. 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 one year low of $25.26 and a one year high of $36.01. The stock’s 50 day moving average is $32.36 and its 200 day moving average is $30.61. The firm has a market cap of $28.84 billion, a P/E ratio of 47.49, a P/E/G ratio of 1.71 and a beta of 1.07.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.32%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, Barclays increased their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $34.89.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Peoples Bank KS acquired a new stake in Corning in the third quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in Corning during the 3rd quarter valued at $25,000. Cape Investment Advisory Inc. lifted its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares in the last quarter. SRS Capital Advisors Inc. increased its position in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Finally, Access Investment Management LLC bought a new position in Corning in the 1st quarter valued at about $28,000. 69.80% of the stock is owned by institutional investors.

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.