Wendell P. Weeks Sells 248,857 Shares of Corning Incorporated (GLW) Stock
Corning Incorporated (NYSE:GLW) CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the transaction, the chief executive officer now owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Corning Incorporated (GLW) traded up 0.16% on Tuesday, hitting $31.31. 4,904,691 shares of the stock traded hands. The firm’s 50-day moving average is $30.11 and its 200 day moving average is $29.52. The firm has a market cap of $28.28 billion, a P/E ratio of 13.98 and a beta of 1.38. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.31.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share. Equities research analysts forecast that Corning Incorporated will post $1.69 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.
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GLW has been the subject of several analyst reports. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a report on Monday, July 10th. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 price target on shares of Corning in a report on Thursday, August 24th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $29.28.
A number of institutional investors have recently added to or reduced their stakes in GLW. GLG Partners LP acquired a new position in Corning in the second quarter worth $102,000. MPS Loria Financial Planners LLC acquired a new position in Corning in the second quarter worth $112,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after purchasing an additional 2,650 shares during the period. Central Bank & Trust Co. boosted its holdings in Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the period. Finally, Harfst & Associates Inc. boosted its holdings in Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after purchasing an additional 1,481 shares during the period. 71.15% of the stock is owned by hedge funds and other institutional investors.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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