Corning Inc. (NYSE:GLW) Vice Chairman Lawrence D. Mcrae sold 32,300 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $24.04, for a total value of $776,492.00. Following the completion of the sale, the insider now directly owns 145,202 shares in the company, valued at approximately $3,490,656.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Shares of Corning Inc. (NYSE:GLW) opened at 24.19 on Friday. The company has a market capitalization of $23.01 billion, a price-to-earnings ratio of 12.33 and a beta of 1.32. The company’s 50 day moving average price is $23.38 and its 200 day moving average price is $21.97. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $24.22.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share (EPS) 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 business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, analysts predict that Corning Inc. will post $1.49 EPS for the current year.

Insider Buying and Selling by Quarter for Corning (NYSE:GLW)

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 given a dividend of $0.135 per share. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 dividend on an annualized basis and a yield of 2.23%. Corning’s dividend payout ratio (DPR) is presently 27.84%.

A number of large investors have recently modified their holdings of the stock. Morgan Stanley increased its stake in shares of Corning by 171.5% in the third quarter. Morgan Stanley now owns 13,124,835 shares of the company’s stock worth $310,404,000 after buying an additional 8,290,981 shares during the period. Emerald Acquisition Ltd. bought a new stake in shares of Corning during the second quarter worth about $133,993,000. Bank of New York Mellon Corp increased its stake in shares of Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock worth $393,767,000 after buying an additional 4,712,631 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock worth $213,281,000 after buying an additional 3,863,933 shares during the period. Finally, Korea Investment CORP increased its stake in shares of Corning by 3,611.6% in the third quarter. Korea Investment CORP now owns 2,030,262 shares of the company’s stock worth $48,016,000 after buying an additional 1,975,562 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s stock.

GLW has been the topic of a number of research reports. Vetr cut Corning from a “hold” rating to a “sell” rating and set a $21.30 price objective on the stock. in a report on Thursday, July 28th. Citigroup Inc. raised their price objective on Corning from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 26th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a report on Friday, August 26th. Bank of America Corp. reissued a “sell” rating and set a $17.50 price objective on shares of Corning in a report on Wednesday, September 21st. Finally, Susquehanna reissued a “positive” rating and set a $27.00 price objective (up from $25.00) on shares of Corning in a report on Wednesday, September 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Corning presently has a consensus rating of “Hold” and an average price target of $22.91.

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About Corning

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.

5 Day Chart for NYSE:GLW

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