Corning Incorporated (NYSE:GLW) EVP Sells $1,035,714.12 in Stock

Key Points

• Corning Incorporated's EVP, Lewis A. Steverson, sold 16,646 shares at an average price of $62.22 for a total of $1,035,714.12, resulting in a 29.51% decrease in their stock position.
• The company reported earnings of $0.60 per share for the last quarter, exceeding estimates, with revenues of $3.86 billion, which was also above consensus expectations.
• Corning's board declared a quarterly dividend of $0.28 per share, with a payout ratio of 119.15%, and the ex-dividend date falling on August 29th.

Corning Incorporated (NYSE:GLW - Get Free Report) EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the transaction, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Corning Stock Performance

Shares of Corning stock traded up $0.64 during trading on Thursday, reaching $63.25. The company's stock had a trading volume of 7,353,841 shares, compared to its average volume of 5,685,387. The business's 50-day moving average price is $52.16 and its 200-day moving average price is $48.97. The firm has a market cap of $54.17 billion, a PE ratio of 67.28, a P/E/G ratio of 1.64 and a beta of 1.11. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $63.91. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.8%. Corning's dividend payout ratio (DPR) is 119.15%.

Analysts Set New Price Targets

Several research firms have commented on GLW. Mizuho boosted their target price on shares of Corning from $52.00 to $59.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Barclays boosted their target price on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Argus reaffirmed a "buy" rating and set a $68.00 price objective on shares of Corning in a report on Wednesday. Finally, Wolfe Research started coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $63.25.

Hedge Funds Weigh In On Corning

Several large investors have recently bought and sold shares of GLW. Geode Capital Management LLC boosted its position in Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after purchasing an additional 533,686 shares during the period. Northern Trust Corp raised its stake in shares of Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after purchasing an additional 208,826 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Amundi lifted its holdings in Corning by 64.3% during the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Corning by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after buying an additional 80,872 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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.

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