Insider Selling: Corning Incorporated (NYSE:GLW) SVP Sells 12,546 Shares of Stock

Corning Incorporated (NYSE:GLW) SVP John Z. Zhang sold 12,546 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Corning Stock Performance

GLW stock opened at $33.57 on Friday. The firm has a 50-day simple moving average of $32.34 and a two-hundred day simple moving average of $30.57. The firm has a market cap of $28.71 billion, a price-to-earnings ratio of 47.28, a PEG ratio of 1.84 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 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.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 1.88 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 157.75%.

Hedge Funds Weigh In On Corning

A number of large investors have recently bought and sold shares of GLW. Wellington Management Group LLP boosted its position in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Morgan Stanley raised its position in shares of Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after buying an additional 1,060,450 shares during the period. Ameriprise Financial Inc. lifted its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Northern Trust Corp increased its stake in Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after acquiring an additional 232,699 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Corning by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after purchasing an additional 146,807 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. Barclays boosted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. upped their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. UBS Group increased their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $34.89.

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.