Lewis A. Steverson Sells 29,978 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW) EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Corning Stock Performance

Shares of GLW stock opened at $33.72 on Friday. The stock has a market cap of $28.84 billion, a PE ratio of 47.49, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. The stock has a 50-day moving average of $32.34 and a 200-day moving average of $30.57. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. As a group, sell-side analysts expect that Corning Incorporated will post 1.88 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.32%. Corning’s dividend payout ratio is 157.75%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. raised their target price on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus price target of $34.89.

Hedge Funds Weigh In On Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in GLW. Norges Bank bought a new position in shares of Corning during the fourth quarter worth $247,721,000. Wellington Management Group LLP boosted its position in shares of Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after acquiring an additional 1,828,097 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.