Corning Incorporated (NYSE:GLW) CEO Wendell P. Weeks Sells 82,103 Shares

Key Points

• Corning CEO Wendell P. Weeks sold 82,103 shares of the company’s stock at an average price of $65.19, totaling over $5.35 million, resulting in a 9.21% decrease in his ownership stake.
• Corning's recent quarterly earnings report showed earnings per share of $0.60, exceeding analysts' estimates and generating $3.86 billion in revenue for the quarter.
• The company declared a quarterly dividend of $0.28 per share, which will be paid on September 29th, representing an annualized yield of 1.7% and a payout ratio of 119.15%.

Corning Incorporated (NYSE:GLW - Get Free Report) CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the sale, the chief executive officer owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Corning Price Performance

NYSE:GLW traded down $0.77 on Monday, reaching $65.00. The stock had a trading volume of 5,692,860 shares, compared to its average volume of 5,698,996. The company has a market capitalization of $55.68 billion, a P/E ratio of 69.15, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock has a fifty day moving average price of $54.51 and a 200-day moving average price of $49.69.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period in the previous year, the business earned $0.47 earnings per share. Research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. Corning's dividend payout ratio is currently 119.15%.

Analysts Set New Price Targets

GLW has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Mizuho upped their price objective on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Citigroup upped their price objective on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Institutional Investors Weigh In On Corning

Large investors have recently made changes to their positions in the stock. FineMark National Bank & Trust increased its position in Corning by 26.1% during the 2nd quarter. FineMark National Bank & Trust now owns 15,907 shares of the electronics maker's stock worth $837,000 after buying an additional 3,288 shares during the period. Aspen Investment Management Inc boosted its position in Corning by 0.8% during the 2nd quarter. Aspen Investment Management Inc now owns 25,214 shares of the electronics maker's stock worth $1,326,000 after buying an additional 198 shares during the period. Pineridge Advisors LLC lifted its position in shares of Corning by 735.8% in the 2nd quarter. Pineridge Advisors LLC now owns 1,705 shares of the electronics maker's stock worth $90,000 after purchasing an additional 1,501 shares during the period. Portside Wealth Group LLC increased its stake in shares of Corning by 11.9% in the 2nd quarter. Portside Wealth Group LLC now owns 27,428 shares of the electronics maker's stock valued at $1,442,000 after acquiring an additional 2,922 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker's stock worth $5,151,301,000 after purchasing an additional 1,582,895 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

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.