Lewis A. Steverson Sells 8,150 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW) EVP Lewis A. Steverson sold 8,150 shares of Corning stock in a transaction that occurred on Friday, February 19th. The stock was sold at an average price of $38.16, for a total transaction of $311,004.00.

GLW stock traded down $0.11 during midday trading on Monday, hitting $37.95. 3,205,099 shares of the company’s stock were exchanged, compared to its average volume of 4,515,441. Corning Incorporated has a one year low of $17.44 and a one year high of $39.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.42 and a current ratio of 2.09. The company has a market cap of $29.16 billion, a PE ratio of 191.45, a price-to-earnings-growth ratio of 9.93 and a beta of 1.16. The stock’s fifty day moving average price is $37.05 and its 200-day moving average price is $34.93.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 27th. The electronics maker reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.04. Corning had a return on equity of 11.50% and a net margin of 2.71%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.18 billion. During the same quarter last year, the firm posted $0.46 earnings per share. Corning’s revenue was up 18.9% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 1.36 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 30th. Shareholders of record on Friday, February 26th will be paid a $0.24 dividend. The ex-dividend date is Thursday, February 25th. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. This is a positive change from Corning’s previous quarterly dividend of $0.22. Corning’s payout ratio is presently 50.00%.

A number of equities analysts have issued reports on GLW shares. TheStreet raised shares of Corning from a “c+” rating to a “b-” rating in a research note on Friday, December 18th. UBS Group assumed coverage on Corning in a research report on Wednesday, January 6th. They issued a “buy” rating and a $43.00 price target on the stock. Barclays raised Corning from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $31.00 to $44.00 in a research note on Thursday, January 14th. Cross Research raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, October 27th. Finally, JPMorgan Chase & Co. lowered Corning from an “overweight” rating to a “neutral” rating and set a $39.00 target price for the company. in a research report on Friday, December 11th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Corning has a consensus rating of “Buy” and an average target price of $37.80.

Several institutional investors have recently added to or reduced their stakes in the company. Eudaimonia Partners LLC raised its holdings in shares of Corning by 21.2% during the third quarter. Eudaimonia Partners LLC now owns 1,600 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 280 shares during the period. Hoover Financial Advisors Inc. acquired a new stake in shares of Corning in the 4th quarter valued at about $27,000. Center for Financial Planning Inc. lifted its holdings in shares of Corning by 60.5% in the third quarter. Center for Financial Planning Inc. now owns 849 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 320 shares in the last quarter. Financial Avengers Inc. acquired a new position in shares of Corning during the fourth quarter worth about $29,000. Finally, ELM Advisors LLC acquired a new stake in Corning in the 4th quarter valued at approximately $30,000. Institutional investors own 74.33% of the company’s stock.

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 offers 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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