Corning Inc. (GLW) Insider Sells $1,028,035.80 in Stock
Corning Inc. (NYSE:GLW) insider Lisa Ferrero sold 42,306 shares of Corning stock in a transaction on Tuesday, November 29th. The stock was sold at an average price of $24.30, for a total value of $1,028,035.80. Following the sale, the insider now directly owns 25,145 shares of the company’s stock, valued at $611,023.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Corning Inc. (NYSE:GLW) traded down 0.58% during mid-day trading on Wednesday, reaching $24.03. The company had a trading volume of 7,854,198 shares. Corning Inc. has a one year low of $16.13 and a one year high of $24.46. The company has a market capitalization of $22.86 billion, a P/E ratio of 12.25 and a beta of 1.32. The stock has a 50 day moving average price of $23.40 and a 200 day moving average price of $22.14.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.04. Corning had a return on equity of 10.11% and a net margin of 25.66%. The firm earned $2.51 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the company posted $0.34 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. On average, equities analysts expect that Corning Inc. will post $1.49 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be given a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 27.84%.
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A number of equities research analysts recently commented on the company. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Tuesday, November 15th. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research note on Thursday, November 10th. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $27.00 target price on shares of Corning in a research note on Wednesday, November 2nd. Drexel Hamilton reissued a “sell” rating and issued a $14.50 target price on shares of Corning in a research note on Tuesday, October 25th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research note on Monday, October 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $22.91.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirador Capital Partners LP increased its stake in shares of Corning by 0.3% in the third quarter. Mirador Capital Partners LP now owns 11,231 shares of the company’s stock valued at $266,000 after buying an additional 31 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Corning by 0.6% in the second quarter. Chicago Partners Investment Group LLC now owns 10,581 shares of the company’s stock valued at $217,000 after buying an additional 68 shares in the last quarter. FTB Advisors Inc. increased its stake in shares of Corning by 0.6% in the third quarter. FTB Advisors Inc. now owns 12,040 shares of the company’s stock valued at $285,000 after buying an additional 72 shares in the last quarter. Geneva Advisors LLC increased its stake in shares of Corning by 0.9% in the third quarter. Geneva Advisors LLC now owns 11,742 shares of the company’s stock valued at $278,000 after buying an additional 100 shares in the last quarter. Finally, City Holding Co. increased its stake in shares of Corning by 1.2% in the third quarter. City Holding Co. now owns 9,448 shares of the company’s stock valued at $223,000 after buying an additional 110 shares in the last quarter. 75.83% of the stock is owned by hedge funds and other institutional investors.
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.
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