Insider Selling: Corning Incorporated (NYSE:GLW) VP Sells $3,433,074.03 in Stock

Corning Incorporated (NYSE:GLW) VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction dated 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 directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Corning Stock Performance

Shares of GLW stock opened at $34.20 on Friday. The firm has a market cap of $29.30 billion, a price-to-earnings ratio of 48.17, a PEG ratio of 1.70 and a beta of 1.07. The company’s 50 day moving average is $32.47 and its 200 day moving average is $30.78. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue was down 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio is currently 157.75%.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently bought and sold shares of the company. Peoples Bank KS purchased a new position in Corning in the third quarter worth $25,000. Access Investment Management LLC purchased a new position in Corning in the first quarter worth $28,000. OFI Invest Asset Management purchased a new position in Corning in the third quarter worth $25,000. Cape Investment Advisory Inc. grew its holdings in Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the last quarter. Finally, SRS Capital Advisors Inc. grew its holdings in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GLW. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Mizuho started coverage on shares of Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Barclays raised their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Hold” and a consensus price target of $35.00.

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.