Corning Incorporated (NYSE:GLW) VP Martin J. Curran Sells 16,416 Shares

Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Corning Stock Down 0.1 %

Shares of NYSE:GLW traded down $0.02 during trading on Tuesday, reaching $33.42. 3,997,448 shares of the company traded hands, compared to its average volume of 4,860,802. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $28.63 billion, a P/E ratio of 47.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The firm has a fifty day simple moving average of $32.38 and a 200 day simple moving average of $30.69.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company earned $0.41 earnings per share. The company’s revenue was down 11.5% compared to the same quarter last year. Analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Institutional Trading of Corning

Several large investors have recently made changes to their positions in the stock. Peoples Bank KS bought a new stake in Corning during the third quarter worth approximately $25,000. Access Investment Management LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $28,000. OFI Invest Asset Management acquired a new stake in shares of Corning during the 3rd quarter worth approximately $25,000. Cape Investment Advisory Inc. increased its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the period. Finally, SRS Capital Advisors Inc. raised its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GLW. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. UBS Group upped their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $35.00.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.