Corning Inc. (NYSE:GLW) insider David L. Morse sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of C$23.50, for a total value of C$423,000.00. Following the completion of the sale, the insider now directly owns 61,629 shares in the company, valued at approximately C$1,448,281.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of Corning Inc. (NYSE:GLW) opened at 23.65 on Friday. The stock has a 50 day moving average price of $22.83 and a 200 day moving average price of $21.09. Corning Inc. has a 1-year low of $16.13 and a 1-year high of $23.81. The firm has a market capitalization of $24.52 billion, a PE ratio of 13.03 and a beta of 1.44.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The business earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the business earned $0.38 EPS. Corning’s revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate that Corning Inc. will post $1.43 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, August 31st were paid a $0.135 dividend. The ex-dividend date was Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.28%. Corning’s dividend payout ratio is 29.51%.
GLW has been the subject of a number of research reports. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. raised their price objective on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Argus reiterated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Finally, Vetr downgraded Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price objective for the company. in a research report on Monday, June 6th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of C$21.98.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors raised its position in Corning by 42.0% in the second quarter. Nationwide Fund Advisors now owns 568,392 shares of the company’s stock worth $11,641,000 after buying an additional 167,983 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock worth $49,806,000 after buying an additional 1,360,200 shares during the period. Royal Bank of Canada raised its position in Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock worth $64,534,000 after buying an additional 76,186 shares during the period. Motley Fool Wealth Management LLC raised its position in Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock worth $1,234,000 after buying an additional 4,575 shares during the period. Finally, Zurich Insurance Group Ltd FI raised its position in Corning by 46.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 307,682 shares of the company’s stock worth $6,427,000 after buying an additional 97,387 shares during the period. Institutional investors and hedge funds own 73.63% of the company’s stock.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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