Insider Selling: Corning CEO Sells 130,000 Shares of Stock (GLW)
Corning (NYSE:GLW) CEO Wendell P. Weeks sold 130,000 shares of Corning stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $20.73, for a total value of $2,694,900.00. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of Corning (NYSE:GLW) traded down 0.53% during mid-day trading on Friday, hitting $20.54. The stock had a trading volume of 5,400,105 shares. Corning has a one year low of $13.82 and a one year high of $22.37. The stock has a 50-day moving average of $20.95 and a 200-day moving average of $20.61. The company has a market cap of $26.518 billion and a P/E ratio of 22.77.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 27.5% 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 Tuesday, September 30th. Stockholders 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 1.95%. The ex-dividend date of this dividend is Wednesday, August 27th.
Several analysts have recently commented on the stock. 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 equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $20.86.
Corning Incorporated (NYSE:GLW), is a global, technology-based corporation.
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