Jeffrey W. Evenson Sells 103,437 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW) VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Corning Stock Performance

Shares of NYSE:GLW opened at $33.93 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market cap of $29.06 billion, a PE ratio of 47.78, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07. The firm’s 50 day simple moving average is $32.40 and its 200-day simple moving average is $30.74. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.9 EPS for the current 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 3.30%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GLW. Morgan Stanley restated an “overweight” rating and set a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Mizuho initiated coverage on shares of Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and an average price target of $35.00.

Institutional Investors Weigh In On Corning

Several hedge funds have recently modified their holdings of the business. Hudson Value Partners LLC raised its stake in Corning by 10.3% in the first quarter. Hudson Value Partners LLC now owns 105,685 shares of the electronics maker’s stock worth $3,483,000 after buying an additional 9,893 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Corning by 11.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock worth $3,601,000 after acquiring an additional 10,980 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Corning during the 1st quarter worth $265,000. Cozad Asset Management Inc. bought a new stake in Corning during the first quarter valued at about $1,577,000. Finally, Motley Fool Asset Management LLC grew its stake in Corning by 284.4% in the first quarter. Motley Fool Asset Management LLC now owns 53,148 shares of the electronics maker’s stock valued at $1,752,000 after purchasing an additional 39,321 shares during the last quarter. Hedge funds and other institutional investors 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.