Corning (NYSE:GLW) Shares Gap Up Following Better-Than-Expected Earnings

Corning Incorporated (NYSE:GLW) shares gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $55.41, but opened at $58.87. Corning shares last traded at $61.14, with a volume of 1,758,417 shares changing hands.

The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the previous year, the firm posted $0.47 earnings per share.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.79%. Corning’s dividend payout ratio is presently 215.38%.

Analyst Ratings Changes

A number of research analysts recently issued reports on GLW shares. UBS Group boosted their target price on shares of Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, July 9th. Mizuho set a $59.00 target price on shares of Corning and gave the company an “outperform” rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Citigroup upped their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Finally, Susquehanna upped their price objective on shares of Corning from $60.00 to $75.00 and gave the stock a “positive” rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $63.25.

Insider Activity at Corning

In related news, SVP Soumya Seetharam sold 6,505 shares of the company’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the sale, the senior vice president owned 25,000 shares of the company’s stock, valued at approximately $1,250,250. This represents a 20.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 9,610 shares of the company’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Insiders sold 55,534 shares of company stock worth $2,739,891 over the last three months. Company insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Several large investors have recently bought and sold shares of GLW. Brighton Jones LLC grew its stake in Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after acquiring an additional 2,114 shares in the last quarter. Pictet Asset Management Holding SA increased its position in Corning by 0.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 349,487 shares of the electronics maker’s stock worth $16,608,000 after purchasing an additional 2,296 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Corning by 278.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 743,788 shares of the electronics maker’s stock valued at $35,345,000 after buying an additional 547,167 shares during the period. O Shaughnessy Asset Management LLC grew its stake in shares of Corning by 16.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 56,046 shares of the electronics maker’s stock valued at $2,663,000 after buying an additional 7,867 shares during the period. Finally, Summit Financial LLC grew its stake in shares of Corning by 190.7% in the 4th quarter. Summit Financial LLC now owns 14,429 shares of the electronics maker’s stock valued at $686,000 after buying an additional 9,466 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

The firm’s 50 day moving average price is $52.16 and its two-hundred day moving average price is $48.97. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.50. The firm has a market cap of $53.56 billion, a PE ratio of 66.52, a PEG ratio of 1.64 and a beta of 1.11.

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.