Investors sold shares of Corning Incorporated (NYSE:GLW) on strength during trading hours on Tuesday. $21.61 million flowed into the stock on the tick-up and $57.73 million flowed out of the stock on the tick-down, for a money net flow of $36.12 million out of the stock. Of all companies tracked, Corning had the 0th highest net out-flow for the day. Corning traded up $0.38 for the day and closed at $29.52
Several equities analysts have recently issued reports on GLW shares. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Friday, April 21st. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG reissued a “buy” rating and set a $33.00 price target (up previously from $30.00) on shares of Corning in a report on Saturday, April 29th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a report on Wednesday, June 28th. Finally, BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Corning has an average rating of “Hold” and a consensus price target of $27.81.
The firm’s 50-day moving average price is $30.26 and its 200-day moving average price is $28.53. The company has a market capitalization of $26.17 billion, a PE ratio of 12.94 and a beta of 1.40.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. Corning’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. Analysts predict that Corning Incorporated will post $1.71 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is presently 27.93%.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at $2,677,896. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 387,700 shares of company stock valued at $11,389,405. 0.59% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Highbridge Capital Management LLC acquired a new stake in shares of Corning during the fourth quarter worth about $226,000. Macquarie Group Ltd. increased its stake in Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock worth $852,000 after buying an additional 4,300 shares during the last quarter. Carroll Financial Associates Inc. increased its stake in Corning by 8.0% in the first quarter. Carroll Financial Associates Inc. now owns 5,556 shares of the electronics maker’s stock worth $150,000 after buying an additional 413 shares during the last quarter. Murphy Capital Management Inc. purchased a new stake in Corning during the first quarter worth $281,000. Finally, Capstone Asset Management Co. boosted its position in shares of Corning by 5.3% in the first quarter. Capstone Asset Management Co. now owns 93,093 shares of the electronics maker’s stock worth $2,514,000 after buying an additional 4,726 shares during the period. Institutional investors own 74.19% of the company’s stock.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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