Corning Incorporated (NYSE:GLW) SVP Sells $419,287.32 in Stock

Corning Incorporated (NYSE:GLW) SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.09 during trading hours on Thursday, hitting $33.57. The stock had a trading volume of 5,207,965 shares, compared to its average volume of 4,850,542. The stock’s fifty day simple moving average is $32.32 and its 200 day simple moving average is $30.55. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm has a market capitalization of $28.71 billion, a price-to-earnings ratio of 47.34, a PEG ratio of 1.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business earned $0.41 earnings per share. Corning’s revenue was down 11.5% compared to the same quarter last year. Sell-side analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Finally, Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $34.89.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Natixis Advisors L.P. boosted its holdings in shares of Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $1,199,000. Socha Financial Group LLC boosted its holdings in Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after buying an additional 27,772 shares in the last quarter. HB Wealth Management LLC boosted its holdings in Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after buying an additional 1,926 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after buying an additional 40,564 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Company Profile

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.