Insider Selling: Corning Incorporated (NYSE:GLW) VP Sells 103,437 Shares of Stock

Corning Incorporated (NYSE:GLW) VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Corning Trading Down 0.1 %

Shares of GLW stock traded down $0.02 during trading hours on Tuesday, hitting $33.42. 3,997,426 shares of the company were exchanged, compared to its average volume of 4,860,801. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The firm has a fifty day moving average of $32.38 and a 200 day moving average of $30.69. The firm has a market cap of $28.63 billion, a PE ratio of 47.10, a PEG ratio of 1.71 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping 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 business 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 posted $0.41 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. Analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s payout ratio is 157.75%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research analyst reports. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Morgan Stanley restated an “overweight” rating and set a $35.00 target price on shares of Corning in a report on Monday, April 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Corning presently has an average rating of “Hold” and an average price target of $35.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Peoples Bank KS acquired a new position in shares of Corning during the 3rd quarter valued at $25,000. Access Investment Management LLC acquired a new position in shares of Corning during the first quarter worth about $28,000. OFI Invest Asset Management purchased a new stake in shares of Corning in the third quarter worth about $25,000. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares in the last quarter. Finally, SRS Capital Advisors Inc. lifted its position in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

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.