Corning Incorporated (GLW) VP Sells $945,190.44 in Stock

Corning Incorporated (NYSE:GLW) VP Eric S. Musser sold 29,949 shares of Corning stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total value of $945,190.44. Following the completion of the transaction, the vice president now owns 49,471 shares of the company’s stock, valued at approximately $1,561,304.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Corning Incorporated (NYSE GLW) opened at 31.51 on Monday. The firm has a market capitalization of $28.46 billion, a PE ratio of 14.07 and a beta of 1.38. The stock’s 50 day moving average price is $30.04 and its 200 day moving average price is $29.45. Corning Incorporated has a one year low of $22.23 and a one year high of $32.31.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the company posted $0.42 EPS. The company’s revenue was up 4.0% on a year-over-year basis. Analysts expect that Corning Incorporated will post $1.72 EPS for the current year.

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

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust boosted its position in Corning by 0.3% during the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock worth $352,000 after acquiring an additional 33 shares during the last quarter. Wedbush Securities Inc. boosted its position in Corning by 0.4% during the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock worth $318,000 after acquiring an additional 41 shares during the last quarter. MAI Capital Management boosted its position in Corning by 0.6% during the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after acquiring an additional 95 shares during the last quarter. Global X Management Co. LLC boosted its position in Corning by 1.6% during the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock worth $214,000 after acquiring an additional 113 shares during the last quarter. Finally, Capital Investment Counsel Inc boosted its position in Corning by 0.3% during the second quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after acquiring an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 71.15% of the company’s stock.

GLW has been the subject of several recent analyst reports. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research note on Monday, July 10th. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Guggenheim reiterated a “buy” rating and issued a $35.00 price objective on shares of Corning in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $35.00 price objective on shares of Corning in a report on Thursday, August 24th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $29.28.

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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