Corning Incorporated (GLW) Director Sells $66,989.28 in Stock
Corning Incorporated (NYSE:GLW) Director Deborah Rieman sold 2,083 shares of the stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the transaction, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Corning Incorporated (NYSE:GLW) traded up $0.16 on Thursday, hitting $32.42. 2,781,200 shares of the stock were exchanged, compared to its average volume of 6,151,568. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a fifty-two week low of $24.12 and a fifty-two week high of $32.81. The stock has a market cap of $28,035.79, a PE ratio of 18.54, a price-to-earnings-growth ratio of 2.69 and a beta of 1.33.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the company posted $0.42 EPS. The company’s revenue was up 4.0% on a year-over-year basis. equities analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. GLG Partners LP acquired a new stake in Corning during the second quarter worth approximately $102,000. Benjamin F. Edwards & Company Inc. boosted its position in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after acquiring an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Corning during the second quarter worth approximately $112,000. IHT Wealth Management LLC boosted its position in Corning by 13.4% during the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after acquiring an additional 485 shares during the last quarter. Finally, Harfst & Associates Inc. boosted its position in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after acquiring an additional 1,481 shares during the last quarter. Hedge funds and other institutional investors own 72.11% of the company’s stock.
A number of research analysts have issued reports on the stock. Guggenheim reaffirmed a “buy” rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, December 12th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Jefferies Group reaffirmed a “hold” rating and issued a $29.50 target price on shares of Corning in a report on Friday, October 6th. Finally, Deutsche Bank increased their target price on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $29.76.
Corning Company Profile
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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