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

Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Corning Stock Up 1.5 %

Shares of GLW opened at $33.93 on Thursday. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The stock’s 50 day moving average is $32.40 and its two-hundred day moving average is $30.74. The firm has a market cap of $29.06 billion, a P/E ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last issued 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. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned $0.41 earnings per share. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. Analysts predict 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 $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.30%. The ex-dividend date is Thursday, May 30th. Corning’s payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GLW. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Susquehanna restated a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. UBS Group raised their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Mizuho began coverage on Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 price objective for the company. Finally, Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $35.00.

Institutional Trading of Corning

A number of institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Morgan Stanley boosted its stake in shares of Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Corning by 2.0% in the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after acquiring an additional 232,699 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Corning by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after acquiring an additional 146,807 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

About Corning

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.