Corning EVP Sells $234,544 in Stock (GLW)
Corning (NYSE:GLW) EVP David L. Morse sold 11,027 shares of Corning stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $21.27, for a total value of $234,544.29. Following the completion of the sale, the executive vice president now directly owns 15,358 shares of the company’s stock, valued at approximately $326,665. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Corning (NYSE:GLW) remained flat at $21.30 during during mid-day trading trading on Monday. 6,320,867 shares of the company’s stock traded hands. Corning has a 52 week low of $13.82 and a 52 week high of $21.77. The stock has a 50-day moving average of $21.0 and a 200-day moving average of $19.07. The company has a market cap of $27.871 billion and a price-to-earnings ratio of 17.52. Corning also was the target of a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 30,372,161 shares, a decline of 11.3% from the April 30th total of 34,242,215 shares. Based on an average daily volume of 11,233,656 shares, the short-interest ratio is currently 2.7 days. Approximately 2.3% of the company’s shares are sold short.
Corning (NYSE:GLW) last released its earnings data on Monday, April 28th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.30 by $0.01. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue was up 31.7% on a year-over-year basis. Analysts expect that Corning will post $1.50 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 30th. Investors of record on Friday, May 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Wednesday, May 28th.
A number of research firms have recently commented on GLW. Analysts at Bank of America reiterated a “positive” rating on shares of Corning in a research note on Tuesday, May 20th. Separately, analysts at HSBC downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 30th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Corning in a research note on Tuesday, April 29th. They now have a $22.00 price target on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $20.05.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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