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 company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares in the company, valued at $2,210,652.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Corning Stock Up 0.8 %

NYSE:GLW opened at $34.20 on Friday. The company’s 50-day simple moving average is $32.47 and its 200-day simple moving average is $30.78. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The stock has a market capitalization of $29.30 billion, a P/E ratio of 48.17, a P/E/G ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. Corning’s revenue for the quarter was down 11.5% compared to the same quarter last year. On average, equities analysts anticipate 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. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.27%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their price objective on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Mizuho started coverage on Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 target price for the company. UBS Group increased their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Hold” and an average target price of $35.00.

Institutional Investors Weigh In On Corning

Several institutional investors have recently added to or reduced their stakes in GLW. Robeco Institutional Asset Management B.V. increased its stake in Corning by 2.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock valued at $3,351,000 after purchasing an additional 2,308 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Corning by 9.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 269,980 shares of the electronics maker’s stock valued at $8,226,000 after acquiring an additional 24,225 shares during the period. Stratos Wealth Partners LTD. increased its position in shares of Corning by 152.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 21,262 shares of the electronics maker’s stock valued at $648,000 after acquiring an additional 12,836 shares during the period. Lindbrook Capital LLC raised its stake in Corning by 19.4% in the 3rd quarter. Lindbrook Capital LLC now owns 8,651 shares of the electronics maker’s stock worth $264,000 after acquiring an additional 1,408 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its position in Corning by 4.4% during the 3rd quarter. Verdence Capital Advisors LLC now owns 18,224 shares of the electronics maker’s stock worth $555,000 after acquiring an additional 771 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.