Corning Incorporated (NYSE:GLW) Vice Chairman Lawrence D. Mcrae sold 28,994 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total transaction of $918,239.98. Following the completion of the transaction, the insider now owns 169,128 shares in the company, valued at approximately $5,356,283.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shares of Corning stock opened at $31.00 on Friday. The company has a current ratio of 2.27, a quick ratio of 1.44 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $23.68 billion, a P/E ratio of 23.05, a P/E/G ratio of 13.94 and a beta of 1.10. The business has a fifty day simple moving average of $27.43 and a two-hundred day simple moving average of $24.73. Corning Incorporated has a 12 month low of $17.44 and a 12 month high of $31.82.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.25 EPS for the quarter, beating the consensus estimate of $0.12 by $0.13. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. The company’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.2 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, August 28th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Thursday, August 27th. Corning’s dividend payout ratio is currently 50.00%.

GLW has been the topic of several recent analyst reports. Morgan Stanley raised their target price on shares of Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 10th. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $25.00 to $36.00 in a report on Thursday, July 16th. Citigroup raised their target price on shares of Corning from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer assumed coverage on shares of Corning in a report on Tuesday. They issued a “hold” rating on the stock. Finally, Barclays raised their price target on Corning from $22.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $31.73.

A number of institutional investors have recently made changes to their positions in GLW. Farmers & Merchants Trust Co of Chambersburg PA lifted its position in Corning by 700.0% during the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after buying an additional 1,225 shares during the period. First Command Bank raised its position in shares of Corning by 49.4% in the 2nd quarter. First Command Bank now owns 1,164 shares of the electronics maker’s stock worth $30,000 after purchasing an additional 385 shares during the last quarter. First PREMIER Bank raised its position in shares of Corning by 303.3% in the 2nd quarter. First PREMIER Bank now owns 1,210 shares of the electronics maker’s stock worth $31,000 after purchasing an additional 910 shares during the last quarter. Watson Rebecca purchased a new position in shares of Corning in the 2nd quarter worth about $32,000. Finally, FinTrust Capital Advisors LLC raised its position in shares of Corning by 41.6% in the 1st quarter. FinTrust Capital Advisors LLC now owns 2,102 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 618 shares during the last quarter. 72.96% of the stock is owned by institutional investors and hedge funds.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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