Corning Incorporated (NYSE:GLW)’s share price rose 1.3% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $32.31 and last traded at $31.53. Approximately 7,170,084 shares changed hands during trading, an increase of 18% from the average daily volume of 6,086,580 shares. The stock had previously closed at $31.94.
The electronics maker reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the previous year, the company earned $0.42 earnings per share. The business’s revenue was up 4.0% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be paid a dividend of $0.155 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.96%. Corning’s dividend payout ratio is currently 27.93%.
GLW has been the topic of a number of recent research reports. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a research note on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price target on shares of Corning in a research note on Friday, October 6th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Wednesday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $29.28.
In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock valued at $3,653,485 over the last ninety days. 0.59% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in GLW. GLG Partners LP bought a new position in shares of Corning in the second quarter valued at about $102,000. Jacobus Wealth Management Inc. bought a new stake in Corning during the 1st quarter worth about $108,000. MPS Loria Financial Planners LLC bought a new stake in Corning during the 2nd quarter worth about $112,000. Benjamin F. Edwards & Company Inc. raised its holdings in Corning by 241.6% during the 3rd 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. Finally, Central Bank & Trust Co. raised its holdings in Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the last quarter. 71.19% of the stock is owned by institutional investors and hedge funds.
The firm has a 50 day moving average of $29.87 and a 200 day moving average of $29.40. The stock has a market capitalization of $28.63 billion, a PE ratio of 14.16 and a beta of 1.38.
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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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