Corning Incorporated (NYSE:GLW) VP Sells $473,676.90 in Stock

Corning Incorporated (NYSE:GLW) VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Corning Stock Performance

Corning stock opened at $49.55 on Friday. The stock has a 50-day simple moving average of $44.83 and a 200 day simple moving average of $47.56. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $36.58 and a 12-month high of $55.33. The stock has a market capitalization of $42.44 billion, a price-to-earnings ratio of 85.43, a P/E/G ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same period in the previous year, the business posted $0.38 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.26%. Corning’s dividend payout ratio is currently 215.38%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Citigroup reduced their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio bought a new stake in Corning during the 1st quarter worth about $27,219,000. SWS Partners raised its holdings in Corning by 2.3% during the 1st quarter. SWS Partners now owns 55,462 shares of the electronics maker’s stock worth $2,539,000 after purchasing an additional 1,271 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Corning by 4,346.5% during the 1st quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker’s stock worth $7,048,000 after purchasing an additional 150,521 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Corning by 4.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker’s stock worth $227,000 after purchasing an additional 224 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in Corning by 507.6% during the 1st quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker’s stock worth $9,665,000 after purchasing an additional 176,379 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

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.