Mark S. Rogus Sells 9,242 Shares of Corning Incorporated (GLW) Stock
Corning Incorporated (NYSE:GLW) 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 value of $296,853.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Corning Incorporated (NYSE GLW) opened at $31.73 on Friday. The firm has a market capitalization of $27,627.34, a price-to-earnings ratio of 18.27, a P/E/G ratio of 2.65 and a beta of 1.33. Corning Incorporated has a 12 month low of $23.11 and a 12 month high of $32.33. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. analysts predict that Corning Incorporated will post 1.7 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.95%. Corning’s dividend payout ratio is currently 26.38%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of Corning by 9.1% in the third quarter. Wells Fargo & Company MN now owns 4,274,736 shares of the electronics maker’s stock worth $127,901,000 after acquiring an additional 356,767 shares during the last quarter. Zeke Capital Advisors LLC boosted its position in shares of Corning by 190.3% during the third quarter. Zeke Capital Advisors LLC now owns 35,291 shares of the electronics maker’s stock valued at $1,056,000 after buying an additional 23,136 shares during the last quarter. Johnson Financial Group Inc. boosted its position in shares of Corning by 32.0% during the third quarter. Johnson Financial Group Inc. now owns 88,953 shares of the electronics maker’s stock valued at $2,662,000 after buying an additional 21,548 shares during the last quarter. Evanston Investments Inc. dba Evanston Advisors boosted its position in shares of Corning by 2.8% during the third quarter. Evanston Investments Inc. dba Evanston Advisors now owns 269,907 shares of the electronics maker’s stock valued at $8,076,000 after buying an additional 7,371 shares during the last quarter. Finally, Evergreen Capital Management LLC purchased a new stake in shares of Corning during the third quarter valued at $375,000. 73.19% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have weighed in on the company. BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Jefferies Group LLC restated a “hold” rating and set a $27.50 target price on shares of Corning in a report on Friday, July 14th. Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and decreased their target price for the company from $29.00 to $26.00 in a report on Tuesday, August 15th. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price for the company in a report on Thursday, July 27th. Finally, Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $29.28.
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).
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