Corning Incorporated (NYSE:GLW) VP Martin J. Curran Sells 16,416 Shares

Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 16,416 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Corning Trading Up 1.5 %

NYSE GLW opened at $33.93 on Thursday. The firm has a market capitalization of $29.06 billion, a price-to-earnings ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company’s 50 day moving average price is $32.40 and its 200 day moving average price is $30.74.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm posted $0.41 EPS. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Thursday, May 30th. Corning’s payout ratio is 157.75%.

Institutional Investors Weigh In On Corning

Several hedge funds have recently modified their holdings of the stock. Alaska Permanent Fund Corp grew its position in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after acquiring an additional 329 shares in the last quarter. Level Four Advisory Services LLC grew its holdings in Corning by 3.8% during the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after purchasing an additional 343 shares in the last quarter. Madison Asset Management LLC increased its stake in Corning by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after buying an additional 349 shares during the period. Patron Partners LLC lifted its holdings in Corning by 2.4% in the 1st quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after buying an additional 349 shares in the last quarter. Finally, First Trust Direct Indexing L.P. grew its stake in shares of Corning by 4.1% during the first quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after acquiring an additional 361 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. JPMorgan Chase & Co. raised their price target on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Corning has an average rating of “Hold” and an average target price of $35.00.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.