Corning Incorporated (GLW) Insider Sells $969,656.16 in Stock

Corning Incorporated (NYSE:GLW) insider David L. Morse sold 30,151 shares of the business’s stock in a transaction on Friday, November 30th. The shares were sold at an average price of $32.16, for a total transaction of $969,656.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Shares of NYSE:GLW opened at $32.27 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56. The stock has a market cap of $25.73 billion, a price-to-earnings ratio of 18.76, a price-to-earnings-growth ratio of 2.07 and a beta of 1.29.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the previous year, the firm posted $0.40 EPS. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. As a group, equities analysts forecast that Corning Incorporated will post 1.77 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.23%. Corning’s dividend payout ratio (DPR) is presently 41.86%.

Several equities research analysts recently commented on GLW shares. Guggenheim reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Corning in a research report on Tuesday, October 23rd. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, October 22nd. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $32.50 to $40.00 in a research report on Friday, September 14th. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday, November 12th. Finally, UBS Group set a $33.00 price objective on shares of Corning and gave the company a “hold” rating in a research report on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Corning has a consensus rating of “Hold” and an average target price of $36.11.

A number of large investors have recently modified their holdings of the business. Strategic Wealth Partners Ltd. raised its holdings in shares of Corning by 5.0% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 37,237 shares of the electronics maker’s stock valued at $1,314,000 after purchasing an additional 1,782 shares during the period. Belpointe Asset Management LLC bought a new stake in shares of Corning in the 3rd quarter valued at about $142,000. Morgan Stanley raised its holdings in shares of Corning by 10.4% in the 3rd quarter. Morgan Stanley now owns 6,084,855 shares of the electronics maker’s stock valued at $214,795,000 after purchasing an additional 573,273 shares during the period. Paradigm Asset Management Co. LLC bought a new stake in shares of Corning in the 3rd quarter valued at about $3,133,000. Finally, B. Riley Wealth Management Inc. bought a new stake in shares of Corning in the 3rd quarter valued at about $243,000. 70.83% of the stock is currently owned by hedge funds and other institutional investors.

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Corning Company Profile

Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.

Further Reading: Earnings Per Share (EPS) Explained

Insider Buying and Selling by Quarter for Corning (NYSE:GLW)

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