Corning EVP Sells $393,648 in Stock (GLW)
Corning (NYSE:GLW) EVP Clark S. Kinlin sold 19,137 shares of Corning stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $20.57, for a total value of $393,648.09. Following the sale, the executive vice president now directly owns 49,431 shares of the company’s stock, valued at approximately $1,016,796. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Corning (NYSE:GLW) traded up 0.39% during mid-day trading on Thursday, hitting $20.57. The stock had a trading volume of 4,251,403 shares. Corning has a 52 week low of $13.82 and a 52 week high of $22.37. The stock’s 50-day moving average is $20.85 and its 200-day moving average is $20.69. The company has a market cap of $26.556 billion and a P/E ratio of 22.59. Corning also saw unusually large options trading activity on Tuesday. Traders bought 11,787 put options on the company. This represents an increase of 279% compared to the typical volume of 3,113 put options.
Corning (NYSE:GLW) last announced its earnings results 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 $1.45 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Investors of record on Friday, August 29th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Wednesday, August 27th.
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 investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $20.86.
Corning Incorporated (NYSE:GLW), is a global, technology-based corporation.
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