Corning SVP Lewis A. Steverson Sells 30,102 Shares (GLW)
Corning (NYSE:GLW) SVP Lewis A. Steverson unloaded 30,102 shares of Corning stock on the open market in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $20.00, for a total value of $602,040.00. Following the completion of the transaction, the senior vice president now directly owns 103,806 shares in the company, valued at approximately $2,076,120. The transaction was disclosed in a document filed with the SEC, which is available at this link.
GLW has been the subject of a number of recent research reports. Analysts at Cantor Fitzgerald cut their price target on shares of Corning from $19.00 to $18.00 in a research note on Thursday, July 31st. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Corning in a research note on Wednesday, July 30th. They now have a $24.00 price target on the stock. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Corning in a research note on Wednesday, July 30th. They now have a $21.00 price target on the stock, down previously from $23.00. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $20.86.
Shares of Corning (NYSE:GLW) traded down 0.85% on Tuesday, hitting $19.88. The stock had a trading volume of 8,540,209 shares. Corning has a 52 week low of $13.82 and a 52 week high of $22.37. The stock has a 50-day moving average of $21.58 and a 200-day moving average of $20.4. The company has a market cap of $25.666 billion and a P/E ratio of 22.11. Corning also was the target of a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 23,955,492 shares, a drop of 9.7% from the June 30th total of 26,542,446 shares. Currently, 1.8% of the company’s shares are short sold. Based on an average daily trading volume, of 6,350,007 shares, the short-interest ratio is currently 3.8 days.
Corning (NYSE:GLW) last released its earnings data on Tuesday, July 29th. The company reported $0.37 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.01. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter last year, the company posted $0.32 earnings per share. Corning’s revenue was up 27.5% compared to the same quarter last year. Analysts expect that Corning will post $1.46 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Friday, August 29th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, August 27th.
Corning Incorporated (NYSE:GLW), is a global, technology-based corporation.
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