Corning Reaches New 52-Week High at $19.22 (GLW)
Corning (NYSE:GLW) shares hit a new 52-week high during mid-day trading on Friday , StockRatingsNetwork.com reports. The company traded as high as $19.22 and last traded at $19.17, with a volume of 6,295,200 shares trading hands. The stock had previously closed at $19.09.
A number of analysts have recently weighed in on GLW shares. Analysts at Jefferson Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Friday. Separately, analysts at Bank of America raised their price target on shares of Corning from $22.00 to $24.00 in a research note on Friday, February 7th. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Corning in a research note on Wednesday, January 29th. They now have a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the company. Corning currently has an average rating of “Hold” and an average price target of $17.86.
The stock has a 50-day moving average of $17.97 and a 200-day moving average of $16.21. The company has a market cap of $26.497 billion and a P/E ratio of 14.03.
Corning (NYSE:GLW) last posted its quarterly earnings results on Monday, January 27th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the previous year, the company posted $0.34 earnings per share. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. Analysts expect that Corning will post $1.45 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, March 31st. Stockholders of record on Friday, February 28th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Wednesday, February 26th.
In other Corning news, CFO James Flaws sold 190,335 shares of the stock on the open market in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $18.59, for a total value of $3,538,327.65. Following the completion of the sale, the chief financial officer now directly owns 347,140 shares in the company, valued at approximately $6,453,333. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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