Insider Selling: Corning Incorporated (NYSE:GLW) SVP Sells 12,546 Shares of Stock

Corning Incorporated (NYSE:GLW) SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a filing with the SEC, which is available through this link.

Corning Stock Up 0.4 %

Corning stock opened at $33.72 on Friday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a market cap of $28.84 billion, a PE ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The business’s 50-day simple moving average is $32.36 and its two-hundred day simple moving average is $30.61.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.32%. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. HSBC lowered 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. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna restated a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. Morgan Stanley restated an “overweight” rating and issued a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $34.89.

Institutional Trading of Corning

A number of hedge funds have recently modified their holdings of GLW. Norges Bank purchased a new stake in Corning in the 4th quarter worth approximately $247,721,000. Wellington Management Group LLP boosted its stake in shares of Corning by 9.0% during the 4th 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 in the last quarter. Ameriprise Financial Inc. grew its position in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the period. Goldman Sachs Group Inc. raised its holdings in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after purchasing an additional 1,828,097 shares during the period. Finally, Federated Hermes Inc. boosted its position in Corning by 1,329.2% during the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

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.