Corning Incorporated (NYSE:GLW) VP Sells $1,056,720.00 in Stock
Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 34,000 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $31.08, for a total transaction of $1,056,720.00. Following the completion of the transaction, the vice president now directly owns 20,154 shares of the company’s stock, valued at $626,386.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of GLW opened at $31.00 on Friday. The firm has a market cap of $23.68 billion, a PE ratio of 23.05, a price-to-earnings-growth ratio of 13.94 and a beta of 1.10. The company’s fifty day moving average is $27.43 and its two-hundred day moving average is $24.73. Corning Incorporated has a fifty-two week low of $17.44 and a fifty-two week high of $31.82. The company has a quick ratio of 1.44, a current ratio of 2.27 and a debt-to-equity ratio of 0.79.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.13. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.41 billion. Corning had a net margin of 1.89% and a return on equity of 11.59%. Corning’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter last year, the business earned $0.45 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 1.2 earnings per share for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the business. First Command Bank boosted its holdings 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 valued at $30,000 after purchasing an additional 385 shares during the last quarter. First PREMIER Bank raised its stake 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 valued at $31,000 after acquiring an additional 910 shares during the period. Watson Rebecca purchased a new position in shares of Corning in the 2nd quarter valued at $32,000. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of Corning by 700.0% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 1,225 shares during the period. Finally, Larson Financial Group LLC raised its stake in shares of Corning by 202.8% in the 2nd quarter. Larson Financial Group LLC now owns 1,720 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 1,152 shares during the period. Institutional investors own 72.96% of the company’s stock.
A number of brokerages have issued reports on GLW. Susquehanna Bancshares reaffirmed a “hold” rating and issued a $26.00 target price on shares of Corning in a report on Tuesday. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and increased their price target for the company from $25.00 to $36.00 in a research report on Thursday, July 16th. Morgan Stanley increased their price target on shares of Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 10th. Citigroup raised their target price on shares of Corning from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays raised their target price on shares of Corning from $22.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average price target of $31.73.
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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