Jeffrey W. Evenson Sells 12,830 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLWGet Free Report) VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Corning Price Performance

Shares of Corning stock opened at $36.93 on Friday. The stock has a market capitalization of $31.63 billion, a P/E ratio of 52.01, a PEG ratio of 1.70 and a beta of 1.08. 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 business’s fifty day moving average price is $33.90 and its 200 day moving average price is $32.04. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $37.52.

Corning (NYSE:GLWGet Free Report) last released 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. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. As a group, research analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio is presently 157.75%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. UBS Group lifted their price target on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. Mizuho assumed coverage on Corning in a report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 price objective on the stock. Finally, Morgan Stanley reissued an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.90.

Get Our Latest Research Report on Corning

Hedge Funds Weigh In On Corning

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sowell Financial Services LLC acquired a new stake in shares of Corning in the third quarter valued at about $345,000. D.A. Davidson & CO. grew its position in Corning by 3.6% in the third quarter. D.A. Davidson & CO. now owns 255,827 shares of the electronics maker’s stock valued at $7,795,000 after acquiring an additional 8,932 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Corning by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,482,734 shares of the electronics maker’s stock valued at $136,589,000 after purchasing an additional 54,244 shares during the period. Van ECK Associates Corp lifted its position in shares of Corning by 87.8% during the third quarter. Van ECK Associates Corp now owns 96,254 shares of the electronics maker’s stock worth $2,933,000 after purchasing an additional 45,001 shares in the last quarter. Finally, KCM Investment Advisors LLC boosted its stake in shares of Corning by 5.7% in the third quarter. KCM Investment Advisors LLC now owns 34,859 shares of the electronics maker’s stock valued at $1,062,000 after purchasing an additional 1,893 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Corning (NYSE:GLW)

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