Eric S. Musser Sells 26,792 Shares of Corning Inc. (GLW) Stock
Corning Inc. (NYSE:GLW) VP Eric S. Musser sold 26,792 shares of the firm’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of C$23.50, for a total transaction of C$629,612.00. Following the completion of the transaction, the vice president now directly owns 55,868 shares of the company’s stock, valued at C$1,312,898. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Corning Inc. (NYSE:GLW) opened at 23.40 on Monday. The firm has a market cap of $22.26 billion, a P/E ratio of 11.93 and a beta of 1.32. The company has a 50-day moving average price of $23.29 and a 200-day moving average price of $21.66. Corning Inc. has a 1-year low of $16.13 and a 1-year high of $24.14.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. Corning had a return on equity of 10.11% and a net margin of 25.66%. The firm earned $2.51 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the firm posted $0.34 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts forecast that Corning Inc. will post $1.48 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s dividend payout ratio is presently 27.84%.
GLW has been the subject of several analyst reports. Zacks Investment Research cut shares of Corning from a “hold” rating to a “sell” rating in a research note on Monday, October 3rd. Susquehanna reissued a “positive” rating and issued a $27.00 target price (up from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Bank of America Corp. reissued a “sell” rating and issued a $17.50 target price on shares of Corning in a research note on Wednesday, September 21st. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a research note on Friday, August 26th. Finally, Drexel Hamilton reissued a “sell” rating and issued a $14.50 target price on shares of Corning in a research note on Tuesday, October 25th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of C$22.12.
Several large investors have recently made changes to their positions in the stock. Seven Eight Capital LLC acquired a new stake in shares of Corning during the first quarter valued at about $250,000. Babson Capital Management LLC raised 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 valued at $2,046,000 after buying an additional 1,200 shares in the last quarter. Panagora Asset Management Inc. raised 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 valued at $26,086,000 after buying an additional 18,978 shares in the last quarter. Stone Ridge Asset Management LLC acquired a new stake in shares of Corning during the first quarter valued at about $201,000. Finally, Steinberg Global Asset Management raised 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 valued at $624,000 after buying an additional 1,348 shares in the last quarter. 79.44% 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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