Corning Incorporated (NYSE:GLW) SVP Sells $325,315.05 in Stock

Corning Incorporated (NYSE:GLW - Get Free Report) SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the transaction, the senior vice president now directly owns 25,000 shares of the company's stock, valued at $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Soumya Seetharam also recently made the following trade(s):

• On Wednesday, May 28th, Soumya Seetharam sold 14,313 shares of Corning stock. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13.

Corning Stock Down 0.2%

Shares of GLW traded down $0.12 during midday trading on Friday, hitting $50.74. The stock had a trading volume of 3,638,968 shares, compared to its average volume of 5,979,443. The company has a 50 day simple moving average of $45.18 and a two-hundred day simple moving average of $47.65. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The firm has a market cap of $43.46 billion, a price-to-earnings ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 earnings per share. On average, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is currently 215.38%.

Institutional Investors Weigh In On Corning

Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Corning during the fourth quarter valued at approximately $490,933,000. Polar Capital Holdings Plc acquired a new position in Corning during the fourth quarter valued at approximately $124,253,000. Amundi raised its position in Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock valued at $271,237,000 after purchasing an additional 2,507,797 shares in the last quarter. Nuveen LLC acquired a new position in Corning during the first quarter valued at approximately $104,789,000. Finally, Mariner LLC raised its position in Corning by 134.0% during the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after purchasing an additional 2,215,840 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Mizuho set a $52.00 price target on shares of Corning in a research note on Tuesday, April 15th. Citigroup reduced their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. reduced their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Company Profile

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.