Corning Incorporated (NYSE:GLW) dropped 5.6% during mid-day trading on Tuesday . The stock traded as low as $31.20 and last traded at $32.33. Approximately 16,573,387 shares were traded during trading, an increase of 164% from the average daily volume of 6,274,006 shares. The stock had previously closed at $34.25.

GLW has been the subject of several research reports. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Citigroup lifted their price target on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a report on Friday, December 22nd. Finally, Deutsche Bank lifted their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $31.47.

The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35. The company has a market cap of $25,670.00, a price-to-earnings ratio of -37.39, a price-to-earnings-growth ratio of 4.37 and a beta of 1.34.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the company earned $0.50 EPS. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. equities research analysts anticipate that Corning Incorporated will post 1.67 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.44%. Corning’s payout ratio is -78.48%.

In other news, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the transaction, the director now directly owns 102,896 shares in the company, valued at $3,309,135.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total value of $1,675,335.92. Following the transaction, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Jennison Associates LLC lifted its holdings in shares of Corning by 24.8% during the fourth quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock worth $367,611,000 after buying an additional 2,284,899 shares during the last quarter. Lyrical Asset Management LP lifted its holdings in shares of Corning by 2.5% during the fourth quarter. Lyrical Asset Management LP now owns 10,718,170 shares of the electronics maker’s stock worth $342,874,000 after buying an additional 258,334 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after buying an additional 56,973 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Corning by 17.0% during the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after buying an additional 999,912 shares during the last quarter. Finally, TCW Group Inc. lifted its holdings in shares of Corning by 1.9% during the third quarter. TCW Group Inc. now owns 6,081,608 shares of the electronics maker’s stock worth $181,962,000 after buying an additional 114,855 shares during the last quarter. Institutional investors own 71.82% of the company’s stock.

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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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