Corning Inc. (GLW) Insider James P. Clappin Sells 94,303 Shares
Corning Inc. (NYSE:GLW) insider James P. Clappin sold 94,303 shares of the stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $24.01, for a total value of $2,264,215.03. Following the completion of the transaction, the insider now directly owns 81,255 shares in the company, valued at $1,950,932.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Corning Inc. (NYSE:GLW) traded up 0.79% on Wednesday, hitting $24.19. 4,577,347 shares of the company were exchanged. The firm has a market cap of $23.01 billion, a price-to-earnings ratio of 12.33 and a beta of 1.32. The stock has a 50 day moving average price of $23.36 and a 200 day moving average price of $21.95. Corning Inc. has a one year low of $16.13 and a one year high of $24.22.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.04. The business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Corning had a net margin of 25.66% and a return on equity of 10.11%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. On average, equities research analysts forecast that Corning Inc. will post $1.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $0.54 dividend on an annualized basis and a yield of 2.23%. Corning’s payout ratio is currently 27.84%.
Several analysts recently issued reports on the company. Drexel Hamilton reiterated a “sell” rating and issued a $14.50 price target on shares of Corning in a report on Tuesday, October 25th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Friday, November 18th. Susquehanna reiterated a “positive” rating and issued a $27.00 price target (up from $25.00) on shares of Corning in a report on Wednesday, September 28th. Vetr downgraded Corning from a “hold” rating to a “sell” rating and set a $21.30 target price for the company. in a research note on Thursday, July 28th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Corning in a research note on Monday, October 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $22.91.
A number of hedge funds have recently bought and sold shares of GLW. BKS Advisors LLC acquired a new stake in Corning during the third quarter worth $103,000. Rowland & Co. Investment Counsel ADV acquired a new stake in Corning during the third quarter worth $111,000. Whittier Trust Co. boosted its stake in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares during the last quarter. First Manhattan Co. boosted its stake in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares during the last quarter. Finally, SRB Corp acquired a new stake in Corning during the third quarter worth $170,000. 80.30% of the stock is currently owned by institutional investors and hedge funds.
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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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