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.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, August 28th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.84%. Corning’s dividend payout ratio (DPR) is presently 50.00%.

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.

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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