Insider Selling: Corning Incorporated (NYSE:GLW) VP Sells 103,437 Shares of Stock

Corning Incorporated (NYSE:GLW) VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Corning Stock Up 1.5 %

Shares of Corning stock opened at $33.93 on Thursday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The stock has a market capitalization of $29.06 billion, a price-to-earnings ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The business’s 50 day simple moving average is $32.40 and its 200-day simple moving average is $30.74.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. Equities research analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.30%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Ratings Changes

Several research firms have issued reports on GLW. Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. raised their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Mizuho initiated coverage on shares of Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 target price on the stock. Finally, Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $35.00.

Hedge Funds Weigh In On Corning

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Peoples Bank KS acquired a new position in Corning during the 3rd quarter worth $25,000. OFI Invest Asset Management acquired a new stake in Corning in the third quarter worth about $25,000. Cape Investment Advisory Inc. grew its position in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares in the last quarter. SRS Capital Advisors Inc. increased its stake in Corning by 232.9% during the 3rd 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. Finally, Access Investment Management LLC bought a new stake in shares of Corning during the 1st quarter worth about $28,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.