Edward A. Schlesinger Sells 6,252 Shares of Corning Inc. (GLW) Stock
Corning Inc. (NYSE:GLW) VP Edward A. Schlesinger sold 6,252 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of C$23.57, for a total value of C$147,359.64. Following the transaction, the vice president now directly owns 31,264 shares of the company’s stock, valued at approximately C$736,892.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Corning Inc. (NYSE:GLW) opened at 23.67 on Thursday. The company has a market cap of $22.52 billion, a price-to-earnings ratio of 12.06 and a beta of 1.32. The company’s 50-day moving average price is $23.33 and its 200-day moving average price is $21.78. Corning Inc. has a 52-week low of $16.13 and a 52-week 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, topping the Thomson Reuters’ 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 company had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities research analysts expect that Corning Inc. will post $1.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $0.54 annualized dividend and a yield of 2.28%. Corning’s payout ratio is currently 27.84%.
A number of large investors have recently modified their holdings of the company. BKS Advisors LLC bought a new stake in shares of Corning during the third quarter valued at $103,000. Rowland & Co. Investment Counsel ADV bought a new stake in shares of Corning during the third quarter valued at $111,000. Whittier Trust Co. boosted its stake in shares of Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock valued at $142,000 after buying an additional 154 shares during the last quarter. First Manhattan Co. boosted its stake in shares of Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock valued at $156,000 after buying an additional 200 shares during the last quarter. Finally, SRB Corp bought a new stake in shares of Corning during the third quarter valued at $170,000. 79.44% of the stock is currently owned by institutional investors.
Several equities research analysts have recently commented on the company. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Tuesday. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Thursday, November 10th. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $27.00 price objective on shares of Corning in a report on Wednesday, November 2nd. Deutsche Bank AG increased their price objective on Corning from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, October 26th. Finally, Drexel Hamilton reissued a “sell” rating and issued a $14.50 price objective on shares of Corning in a report on Tuesday, October 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of C$22.55.
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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