Lawrence D. Mcrae Sells 48,125 Shares of Corning Incorporated (GLW) Stock
Corning Incorporated (NYSE:GLW) Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares in the company, valued at approximately $3,893,220.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Corning Incorporated (NYSE GLW) opened at 28.91 on Friday. The firm has a 50-day moving average of $29.52 and a 200-day moving average of $28.74. The stock has a market cap of $26.11 billion, a PE ratio of 12.91 and a beta of 1.40. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.37 earnings per share. Analysts expect that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is currently 27.93%.
Several analysts have recently issued reports on GLW shares. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Drexel Hamilton reissued a “sell” rating on shares of Corning in a research report on Monday, June 19th. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a research report on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $28.21.
Large investors have recently added to or reduced their stakes in the stock. Dowling & Yahnke LLC boosted its stake in Corning by 0.4% in the first quarter. Dowling & Yahnke LLC now owns 88,495 shares of the electronics maker’s stock valued at $2,389,000 after buying an additional 356 shares during the last quarter. AMF Pensionsforsakring AB bought a new stake in Corning during the first quarter valued at about $1,218,000. First Merchants Corp boosted its stake in Corning by 4.7% in the first quarter. First Merchants Corp now owns 63,969 shares of the electronics maker’s stock valued at $1,727,000 after buying an additional 2,850 shares during the last quarter. Moloney Securities Asset Management LLC boosted its stake in Corning by 14.2% in the first quarter. Moloney Securities Asset Management LLC now owns 92,714 shares of the electronics maker’s stock valued at $2,503,000 after buying an additional 11,562 shares during the last quarter. Finally, Breton Hill Capital Ltd. bought a new stake in Corning during the first quarter valued at about $2,395,000. Hedge funds and other institutional investors own 71.31% of the company’s stock.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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