Investors Sell Corning (GLW) on Strength (GLW)
Traders sold shares of Corning Incorporated (NYSE:GLW) on strength during trading on Friday. $21.32 million flowed into the stock on the tick-up and $199.77 million flowed out of the stock on the tick-down, for a money net flow of $178.45 million out of the stock. Of all stocks tracked, Corning had the 0th highest net out-flow for the day. Corning traded up $0.24 for the day and closed at $32.05
Several analysts have recently weighed in on the stock. Guggenheim reiterated a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Tuesday, December 12th. BidaskClub lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Jefferies Group reiterated a “hold” rating and set a $29.50 target price on shares of Corning in a research report on Friday, October 6th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Finally, Deutsche Bank lifted their target price on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $29.28.
The company has a market capitalization of $27,853.28, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 2.67 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 16th were issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Wednesday, November 15th. Corning’s dividend payout ratio is currently 26.38%.
In related news, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the transaction, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 294,561 shares of company stock valued at $9,254,498. Corporate insiders own 0.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of GLW. GLG Partners LP acquired a new position in Corning during the second quarter worth $102,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after purchasing an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in Corning during the second quarter worth $112,000. IHT Wealth Management LLC boosted its holdings in Corning by 13.4% during the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after purchasing an additional 485 shares during the last quarter. Finally, Harfst & Associates Inc. boosted its holdings in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after purchasing an additional 1,481 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Investors Sell Corning (GLW) on Strength (GLW)” was first reported by Watch List News and is owned by of Watch List News. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of US and international trademark and copyright laws. The legal version of this story can be read at https://www.watchlistnews.com/investors-sell-corning-glw-on-strength-glw/1769951.html.
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).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.