Corning Incorporated (NYSE:GLW – Get Rating) VP Robert P. France sold 2,190 shares of the stock in a transaction that occurred on Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total transaction of $76,715.70. Following the completion of the sale, the vice president now directly owns 30,000 shares of the company’s stock, valued at $1,050,900. The transaction was disclosed in a filing with the SEC, which is available at this link.
Shares of NYSE GLW traded down $0.03 during midday trading on Thursday, reaching $34.64. 4,254,493 shares of the stock traded hands, compared to its average volume of 5,012,129. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.59 and a quick ratio of 1.08. The stock has a market capitalization of $29.29 billion, a PE ratio of 27.94, a P/E/G ratio of 1.54 and a beta of 0.95. Corning Incorporated has a one year low of $33.51 and a one year high of $46.82. The company’s 50 day moving average is $37.74 and its 200 day moving average is $37.89.
Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings results on Wednesday, January 26th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.59 billion. Corning had a return on equity of 21.65% and a net margin of 13.53%. Corning’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the company earned $0.52 earnings per share. As a group, equities analysts forecast that Corning Incorporated will post 2.32 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Empirical Finance LLC lifted its position in Corning by 12.0% in the first quarter. Empirical Finance LLC now owns 14,851 shares of the electronics maker’s stock worth $548,000 after buying an additional 1,587 shares during the last quarter. Leavell Investment Management Inc. lifted its position in Corning by 3.5% in the first quarter. Leavell Investment Management Inc. now owns 11,950 shares of the electronics maker’s stock worth $441,000 after buying an additional 400 shares during the last quarter. Mayflower Financial Advisors LLC lifted its position in Corning by 2.8% in the first quarter. Mayflower Financial Advisors LLC now owns 18,051 shares of the electronics maker’s stock worth $666,000 after buying an additional 491 shares during the last quarter. Virginia Retirement Systems ET AL bought a new stake in Corning in the first quarter worth $8,707,000. Finally, CWM LLC lifted its position in shares of Corning by 12.0% during the first quarter. CWM LLC now owns 14,770 shares of the electronics maker’s stock worth $545,000 after purchasing an additional 1,580 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.
GLW has been the subject of several analyst reports. Barclays increased their target price on shares of Corning from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, January 27th. StockNews.com started coverage on shares of Corning in a report on Thursday, March 31st. They set a “hold” rating for the company. Morgan Stanley reaffirmed a “hold” rating and set a $40.00 price objective on shares of Corning in a report on Thursday, April 14th. Citigroup cut their price objective on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Thursday, January 27th. Finally, Susquehanna Bancshares raised shares of Corning from a “neutral” rating to a “positive” rating and increased their price objective for the company from $38.00 to $50.00 in a report on Friday, January 28th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $47.27.
About Corning (Get Rating)
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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