Corning Incorporated (NYSE:GLW) VP Lewis A. Steverson Sells 63,381 Shares

Corning Incorporated (NYSE:GLW) VP Lewis A. Steverson sold 63,381 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the sale, the vice president now directly owns 18,422 shares of the company’s stock, valued at approximately $556,160.18. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

NYSE:GLW opened at $30.37 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.06 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $23.11 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 2.13 and a beta of 1.16. The firm has a fifty day simple moving average of $29.02 and a two-hundred day simple moving average of $30.31. Corning Incorporated has a 12 month low of $26.75 and a 12 month high of $35.34.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.87 billion. Corning had a net margin of 10.41% and a return on equity of 15.19%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the company posted $0.51 earnings per share. Equities analysts predict that Corning Incorporated will post 1.75 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Thursday, November 14th. Corning’s payout ratio is 44.94%.

A number of large investors have recently bought and sold shares of GLW. Nelson Roberts Investment Advisors LLC raised its holdings in Corning by 31.7% in the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 314 shares in the last quarter. We Are One Seven LLC grew its holdings in shares of Corning by 1.0% in the second quarter. We Are One Seven LLC now owns 32,123 shares of the electronics maker’s stock valued at $1,067,000 after purchasing an additional 322 shares in the last quarter. Flagship Harbor Advisors LLC grew its holdings in shares of Corning by 3.9% in the second quarter. Flagship Harbor Advisors LLC now owns 8,582 shares of the electronics maker’s stock valued at $285,000 after purchasing an additional 322 shares in the last quarter. Trust Co. of Vermont grew its holdings in shares of Corning by 2.6% in the second quarter. Trust Co. of Vermont now owns 12,867 shares of the electronics maker’s stock valued at $428,000 after purchasing an additional 324 shares in the last quarter. Finally, Greenleaf Trust grew its holdings in shares of Corning by 2.9% in the second quarter. Greenleaf Trust now owns 12,307 shares of the electronics maker’s stock valued at $409,000 after purchasing an additional 345 shares in the last quarter. Institutional investors and hedge funds own 71.13% of the company’s stock.

Several equities analysts recently commented on GLW shares. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. S&P Equity Research cut shares of Corning from a “positive” rating to a “neutral” rating and decreased their price objective for the stock from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Citigroup reiterated a “buy” rating and set a $34.00 price objective (up from $32.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays set a $33.00 price objective on shares of Corning and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Finally, Bank of America decreased their price objective on shares of Corning from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $32.64.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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