Corning Inc. (GLW) Insider R Tony Tripeny Sells 16,333 Shares
Corning Inc. (NYSE:GLW) insider R Tony Tripeny sold 16,333 shares of the business’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of C$23.80, for a total transaction of C$388,725.40. Following the sale, the insider now directly owns 57,054 shares of the company’s stock, valued at C$1,357,885.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Corning Inc. (NYSE:GLW) traded down 0.13% during trading on Friday, hitting $23.79. 1,967,306 shares of the stock traded hands. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $24.14. The company’s 50 day moving average price is $23.34 and its 200 day moving average price is $21.79. The company has a market cap of $22.63 billion, a P/E ratio of 12.13 and a beta of 1.32.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.52 billion. Corning had a return on equity of 10.11% and a net margin of 25.66%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 earnings per share. On average, equities research analysts anticipate that Corning Inc. will post $1.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders 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 yield of 2.27%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is 27.84%.
A number of analysts have recently issued reports on GLW shares. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a research note on Friday, August 26th. Deutsche Bank AG boosted their target price on shares of Corning from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, October 26th. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, November 10th. Citigroup Inc. boosted their target price on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 26th. Finally, Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Tuesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of C$22.91.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BKS Advisors LLC purchased a new position in Corning during the third quarter valued at approximately $103,000. Rowland & Co. Investment Counsel ADV purchased a new position in Corning during the third quarter valued at approximately $111,000. Whittier Trust Co. raised its position in 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 period. First Manhattan Co. raised its position in 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 period. Finally, SRB Corp purchased a new position in Corning during the third quarter valued at approximately $170,000. 79.44% of the stock is currently owned by 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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