Corning Incorporated (NYSE:GLW) VP Martin J. Curran Sells 16,416 Shares

Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Corning Stock Performance

GLW traded down $0.02 during midday trading on Tuesday, reaching $33.42. The company had a trading volume of 3,997,448 shares, compared to its average volume of 4,860,802. The business has a 50-day moving average price of $32.38 and a two-hundred day moving average price of $30.69. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The stock has a market cap of $28.63 billion, a PE ratio of 47.10, a P/E/G ratio of 1.71 and a beta of 1.07.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Hedge Funds Weigh In On Corning

Several large investors have recently modified their holdings of the business. Peoples Bank KS purchased a new position in Corning in the 3rd quarter valued at approximately $25,000. Access Investment Management LLC purchased a new stake in Corning in the 1st quarter worth approximately $28,000. OFI Invest Asset Management purchased a new position in shares of Corning during the 3rd quarter valued at $25,000. Cape Investment Advisory Inc. increased its holdings in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the period. Finally, SRS Capital Advisors Inc. boosted its stake in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GLW. Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Mizuho started coverage on Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 target price on the stock. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Hold” and an average target price of $35.00.

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.