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.
ILLEGAL ACTIVITY WARNING: “Corning Incorporated (GLW) Insider Sells $969,656.16 in Stock” was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this news story on another site, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this news story can be viewed at https://www.dispatchtribunal.com/2018/12/07/corning-incorporated-glw-insider-sells-969656-16-in-stock.html.
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
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.