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 Corning stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Corning Stock Up 1.4 %

Shares of Corning stock traded up $0.68 during midday trading on Friday, hitting $48.52. The company had a trading volume of 3,072,394 shares, compared to its average volume of 5,644,152. The company has a 50 day moving average of $46.21 and a 200 day moving average of $41.86. The stock has a market capitalization of $41.54 billion, a P/E ratio of 282.15, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. Corning’s revenue was up 6.9% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal 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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP lifted its position in shares of Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after acquiring an additional 133,214 shares in the last quarter. State Street Corp lifted its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after purchasing an additional 38,168 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.