David L. Morse Sells 17,483 Shares of Corning Inc. (GLW) Stock
Corning Inc. (NYSE:GLW) insider David L. Morse sold 17,483 shares of the firm’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of C$23.50, for a total transaction of C$410,850.50. Following the completion of the transaction, the insider now owns 61,112 shares in the company, valued at approximately C$1,436,132. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Corning Inc. (NYSE:GLW) opened at 23.40 on Monday. The stock has a market cap of $22.26 billion, a price-to-earnings ratio of 11.93 and a beta of 1.32. The firm has a 50-day moving average price of $23.29 and a 200-day moving average price of $21.66. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $24.14.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. Corning had a return on equity of 10.11% and a net margin of 25.66%. The company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the company earned $0.34 earnings per share. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. Equities research analysts expect that Corning Inc. will post $1.48 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is currently 27.84%.
A number of large investors have recently modified their holdings of the stock. Seven Eight Capital LLC bought a new stake in shares of Corning during the first quarter worth $250,000. Babson Capital Management LLC increased its stake in shares of Corning by 1.2% in the first quarter. Babson Capital Management LLC now owns 97,941 shares of the company’s stock worth $2,046,000 after buying an additional 1,200 shares during the last quarter. Panagora Asset Management Inc. increased its stake in shares of Corning by 1.5% in the first quarter. Panagora Asset Management Inc. now owns 1,248,715 shares of the company’s stock worth $26,086,000 after buying an additional 18,978 shares during the last quarter. Stone Ridge Asset Management LLC bought a new stake in shares of Corning during the first quarter worth $201,000. Finally, Steinberg Global Asset Management increased its stake in shares of Corning by 4.7% in the first quarter. Steinberg Global Asset Management now owns 29,886 shares of the company’s stock worth $624,000 after buying an additional 1,348 shares during the last quarter. 79.44% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on GLW shares. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a report on Friday, August 26th. Deutsche Bank AG lifted their price target on shares of Corning from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, October 26th. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday. Citigroup Inc. lifted their price target on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 26th. Finally, Bank of America Corp. reiterated a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, September 21st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of C$22.12.
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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