Corning Inc. (GLW) Sets New 12-Month High After Dividend Announcement
Shares of Corning Inc. (NYSE:GLW) reached a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $23.89 and last traded at $23.86, with a volume of 2,861,739 shares traded. The stock had previously closed at $23.41.
The newly announced dividend which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be given a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.31%. Corning’s dividend payout ratio (DPR) is presently 29.51%.
Several equities research analysts have weighed in on GLW shares. Argus reiterated a “buy” rating on shares of Corning in a report on Sunday, June 12th. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 target price for the company in a report on Monday, June 27th. Drexel Hamilton cut Corning from a “hold” rating to a “sell” rating and lowered their target price for the stock from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Citigroup Inc. upped their target price on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, August 26th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a report on Monday. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of C$21.98.
The firm’s 50-day moving average price is $22.86 and its 200 day moving average price is $21.16. The stock has a market cap of $24.76 billion, a price-to-earnings ratio of 13.154 and a beta of 1.34.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the firm posted $0.38 EPS. Corning’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities research analysts anticipate that Corning Inc. will post $1.43 EPS for the current fiscal year.
In related news, insider David L. Morse sold 18,000 shares of the business’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the completion of the transaction, the insider now directly owns 61,629 shares of the company’s stock, valued at approximately C$1,448,281.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 9,000 shares of the business’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of C$21.86, for a total value of C$196,740.00. Following the transaction, the vice president now directly owns 25,052 shares of the company’s stock, valued at C$547,636.72. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors boosted its position in Corning by 42.0% in the second quarter. Nationwide Fund Advisors now owns 568,392 shares of the company’s stock valued at $11,641,000 after buying an additional 167,983 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock worth $49,806,000 after buying an additional 1,360,200 shares during the period. Royal Bank of Canada increased its stake in shares of Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock worth $64,534,000 after buying an additional 76,186 shares during the period. Cacti Asset Management LLC increased its stake in shares of Corning by 1.3% in the third quarter. Cacti Asset Management LLC now owns 1,737,148 shares of the company’s stock worth $41,084,000 after buying an additional 21,750 shares during the period. Finally, Motley Fool Wealth Management LLC increased its stake in shares of Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock worth $1,234,000 after buying an additional 4,575 shares during the period. 73.63% of the stock is owned by hedge funds and other institutional investors.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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