Corning Incorporated (GLW) Director Sells $205,810.80 in Stock

Corning Incorporated (NYSE:GLW) Director Hansel E. Tookes II sold 6,513 shares of Corning stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total transaction of $205,810.80. Following the sale, the director now directly owns 88,946 shares in the company, valued at approximately $2,810,693.60. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Corning Incorporated (GLW) opened at 31.51 on Monday. The stock has a 50 day moving average of $30.04 and a 200 day moving average of $29.45. The company has a market cap of $28.46 billion, a P/E ratio of 14.07 and a beta of 1.38. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.31.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business earned $0.42 EPS. On average, analysts expect that Corning Incorporated will post $1.72 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.

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A number of brokerages have recently weighed in on GLW. Zacks Investment Research raised shares of Corning from a “strong sell” rating to a “hold” rating in a research note on Thursday. Citigroup Inc. lifted their target price on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Deutsche Bank AG lifted their target price on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Finally, Guggenheim reaffirmed a “buy” rating and set a $35.00 target price on shares of Corning in a research note on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $29.28.

Institutional investors and hedge funds have recently bought and sold shares of the business. Cable Hill Partners LLC increased its holdings in shares of Corning by 1,041.3% during the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 4,811 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Corning by 398.5% in the 3rd quarter. Victory Capital Management Inc. now owns 79,072 shares of the electronics maker’s stock worth $2,366,000 after acquiring an additional 63,211 shares in the last quarter. Sitrin Capital Management LLC purchased a new stake in Corning in the 3rd quarter worth $4,453,000. Crossmark Global Holdings Inc. purchased a new stake in Corning in the 3rd quarter worth $2,732,000. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Corning by 6.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 183,622 shares of the electronics maker’s stock worth $5,494,000 after acquiring an additional 11,848 shares in the last quarter. 71.15% of the stock is owned by institutional investors.

Corning Company Profile

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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