Corning Incorporated (NYSE:GLW) EVP Sells $990,772.90 in Stock

Corning Incorporated (NYSE:GLW) EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Corning Price Performance

Shares of GLW stock opened at $33.72 on Friday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The stock’s 50-day moving average is $32.34 and its 200 day moving average is $30.57. The company has a market cap of $28.84 billion, a P/E ratio of 47.49, a PEG ratio of 1.84 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. Research analysts predict that Corning Incorporated will post 1.88 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared 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 3.32%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

Several research firms recently commented on GLW. UBS Group lifted their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $34.89.

Institutional Inflows and Outflows

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

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.