Martin J. Curran Sells 34,000 Shares of Corning Incorporated (NYSE:GLW) Stock
Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 34,000 shares of Corning stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $31.08, for a total value of $1,056,720.00. Following the completion of the transaction, the vice president now owns 20,154 shares in the company, valued at approximately $626,386.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
GLW stock opened at $31.00 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.27 and a quick ratio of 1.44. The company’s 50-day moving average is $27.43 and its 200-day moving average is $24.73. The stock has a market capitalization of $23.59 billion, a PE ratio of 310.03, a price-to-earnings-growth ratio of 13.94 and a beta of 1.10. Corning Incorporated has a 1 year low of $17.44 and a 1 year high of $31.82.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.13. Corning had a net margin of 1.89% and a return on equity of 11.59%. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the firm posted $0.45 EPS. Corning’s revenue was down 11.6% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.2 earnings per share for the current fiscal year.
A number of research firms have issued reports on GLW. Barclays lifted their target price on Corning from $22.00 to $28.00 and gave the company an “equal weight” rating in a research report on Wednesday. Oppenheimer started coverage on Corning in a research note on Tuesday, July 28th. They issued a “hold” rating for the company. Citigroup increased their price target on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley lifted their price objective on Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 10th. Finally, JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $25.00 to $36.00 in a report on Thursday, July 16th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $31.90.
A number of institutional investors have recently added to or reduced their stakes in the stock. First Command Bank grew its position in Corning by 49.4% in the 2nd quarter. First Command Bank now owns 1,164 shares of the electronics maker’s stock worth $30,000 after purchasing an additional 385 shares in the last quarter. First PREMIER Bank increased its position in shares of Corning by 303.3% during the second quarter. First PREMIER Bank now owns 1,210 shares of the electronics maker’s stock valued at $31,000 after acquiring an additional 910 shares during the last quarter. Watson Rebecca purchased a new position in Corning in the second quarter worth $32,000. Farmers & Merchants Trust Co of Chambersburg PA increased its position in shares of Corning by 700.0% during the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 1,225 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in Corning by 202.8% during the second quarter. Larson Financial Group LLC now owns 1,720 shares of the electronics maker’s stock valued at $45,000 after buying an additional 1,152 shares during the period. Institutional investors and hedge funds own 72.96% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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