Corning Incorporated (GLW) Vice Chairman Lawrence D. Mcrae Sells 48,125 Shares
Corning Incorporated (NYSE:GLW) Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the transaction, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Shares of Corning Incorporated (NYSE GLW) traded up 0.817% during mid-day trading on Friday, reaching $28.995. 3,088,579 shares of the company traded hands. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17. The firm has a 50-day moving average price of $29.57 and a 200 day moving average price of $28.73. The firm has a market capitalization of $26.19 billion, a price-to-earnings ratio of 12.950 and a beta of 1.40.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company earned $0.37 EPS. Corning’s quarterly revenue was up 6.1% on a year-over-year basis. On average, analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.16%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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A number of brokerages recently issued reports on GLW. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $35.00 price target on shares of Corning in a research report on Thursday, August 24th. Guggenheim reissued a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and lowered their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $28.21.
Institutional investors have recently modified their holdings of the company. GLG Partners LP purchased a new stake in shares of Corning during the second quarter worth approximately $102,000. Central Bank & Trust Co. boosted its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares during the last quarter. Coconut Grove Bank boosted its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares during the last quarter. Jacobus Wealth Management Inc. purchased a new stake in shares of Corning during the first quarter worth approximately $108,000. Finally, Clean Yield Group purchased a new stake in shares of Corning during the first quarter worth approximately $122,000. Institutional investors own 71.31% of the company’s stock.
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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