Corning Incorporated (NYSE:GLW) VP Martin J. Curran Sells 16,416 Shares

Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Corning Stock Down 0.0 %

GLW stock opened at $33.43 on Wednesday. The company has a market cap of $28.64 billion, a P/E ratio of 47.08, a P/E/G ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company’s 50-day moving average price is $32.40 and its 200 day moving average price is $30.74. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for 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%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share. On average, research analysts expect that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders 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 yield of 3.35%. The ex-dividend date is Thursday, May 30th. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GLW shares. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Barclays lifted their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. Mizuho started coverage on shares of Corning in a report on Tuesday. They issued a “neutral” rating and a $36.00 target price on the stock. Finally, UBS Group lifted their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Hold” and an average target price of $35.00.

Hedge Funds Weigh In On Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Peoples Bank KS acquired a new position in Corning during the third quarter worth about $25,000. OFI Invest Asset Management acquired a new position in Corning during the third quarter worth about $25,000. Cape Investment Advisory Inc. raised its position in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the last quarter. SRS Capital Advisors Inc. raised its position in 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 during the last quarter. Finally, Access Investment Management LLC acquired a new position in shares of Corning in the first quarter valued at approximately $28,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

About Corning

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.