Corning Inc. (GLW) Director Hansel E. Tookes II Sells 1,985 Shares
Corning Inc. (NYSE:GLW) Director Hansel E. Tookes II sold 1,985 shares of the company’s stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $24.34, for a total value of $48,314.90. Following the completion of the transaction, the director now owns 88,848 shares of the company’s stock, valued at approximately $2,162,560.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Corning Inc. (NYSE:GLW) traded down 0.58% during mid-day trading on Wednesday, hitting $24.03. The company’s stock had a trading volume of 7,854,198 shares. The stock has a market cap of $22.86 billion, a P/E ratio of 12.25 and a beta of 1.32. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $24.46. The company’s 50 day moving average is $23.40 and its 200-day moving average is $22.14.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 25th. The company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.04. Corning had a net margin of 25.66% and a return on equity of 10.11%. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the firm posted $0.34 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts predict that Corning Inc. will post $1.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s dividend payout ratio is presently 27.84%.
TRADEMARK VIOLATION NOTICE: “Corning Inc. (GLW) Director Hansel E. Tookes II Sells 1,985 Shares” was posted by Financial Market News and is owned by of Financial Market News. If you are accessing this article on another website, it was stolen and republished in violation of U.S. and international trademark & copyright laws. The legal version of this article can be accessed at http://www.financial-market-news.com/corning-inc-glw-director-hansel-e-tookes-ii-sells-1985-shares/1211221/.
Institutional investors have recently modified their holdings of the stock. BKS Advisors LLC acquired a new position in shares of Corning during the third quarter worth approximately $103,000. Rowland & Co. Investment Counsel ADV acquired a new position in shares of Corning during the third quarter worth approximately $111,000. Whittier Trust Co. increased its position in shares of Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares in the last quarter. SRB Corp acquired a new position in shares of Corning during the third quarter worth approximately $170,000. Finally, First Manhattan Co. increased its position in shares of Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares in the last quarter. 75.83% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on GLW. Drexel Hamilton reiterated a “sell” rating and set a $14.50 price target on shares of Corning in a research note on Tuesday, October 25th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Friday, November 18th. Susquehanna reiterated a “positive” rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research note on Monday, October 3rd. Finally, Bank of America Corp. reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a research note on Wednesday, September 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $22.91.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
Receive News & Ratings for Corning Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Inc. and related companies with MarketBeat.com's FREE daily email newsletter.