Corning Incorporated (NYSE:GLW) SVP Sells $241,950.00 in Stock

Corning Incorporated (NYSE:GLW) SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Corning Stock Up 1.4 %

Shares of Corning stock opened at $48.52 on Monday. The company has a market capitalization of $41.54 billion, a P/E ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50-day moving average of $46.33 and a two-hundred day moving average of $42.08. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business earned $0.45 EPS. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.31%. Corning’s dividend payout ratio is currently 658.82%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Hedge Funds Weigh In On Corning

A number of large investors have recently added to or reduced their stakes in the company. City Holding Co. grew its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Accordant Advisory Group Inc bought a new position in shares of Corning during the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Corning in the third quarter worth $40,000. Finally, Global Trust Asset Management LLC boosted its holdings in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

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.