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 stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Corning Stock Performance

NYSE:GLW opened at $33.43 on Wednesday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average of $32.40 and a 200-day moving average of $30.74. The firm has a market cap of $28.64 billion, a price-to-earnings ratio of 47.08, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $0.41 EPS. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio is presently 157.75%.

Institutional Trading of Corning

A number of hedge funds have recently bought and sold shares of GLW. Norges Bank purchased a new stake in Corning during the fourth quarter valued at about $247,721,000. Wellington Management Group LLP lifted its stake in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after buying an additional 1,229,031 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average 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.