Corning Incorporated (NYSE:GLW) EVP Lewis A. Steverson Sells 29,978 Shares of Stock

Corning Incorporated (NYSE:GLW) EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Corning Stock Performance

Shares of NYSE:GLW opened at $33.57 on Friday. The company has a market capitalization of $28.71 billion, a price-to-earnings ratio of 47.28, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average of $32.34 and a 200 day moving average of $30.57.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 157.75%.

Hedge Funds Weigh In On Corning

Large investors have recently bought and sold shares of the business. Alaska Permanent Fund Corp grew its holdings in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after purchasing an additional 329 shares during the last quarter. Level Four Advisory Services LLC grew its holdings in Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after purchasing an additional 343 shares during the last quarter. Madison Asset Management LLC grew its holdings in Corning by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after purchasing an additional 349 shares during the last quarter. Patron Partners LLC grew its holdings in Corning by 2.4% in the first quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after purchasing an additional 349 shares during the last quarter. Finally, First Trust Direct Indexing L.P. grew its holdings in Corning by 4.1% in the first quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock worth $303,000 after purchasing an additional 361 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GLW. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. lifted their price target on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Finally, HSBC downgraded shares of 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Corning presently has an average rating of “Hold” and a consensus price target of $34.89.

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.