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.

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

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%.

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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.

5 Day Chart for NYSE:GLW

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