Corning Incorporated (NYSE:GLW) SVP Sells $715,793.13 in Stock

Corning Incorporated (NYSE:GLW - Get Free Report) SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the sale, the senior vice president now owns 31,505 shares of the company's stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Thursday, May 29th, Soumya Seetharam sold 6,505 shares of Corning stock. The shares were sold at an average price of $50.01, for a total value of $325,315.05.

Corning Price Performance

Shares of GLW traded up $0.75 during midday trading on Tuesday, hitting $50.79. 5,171,048 shares of the company traded hands, compared to its average volume of 5,975,937. The firm has a 50 day moving average of $44.89 and a 200-day moving average of $47.57. Corning Incorporated has a 52 week low of $36.58 and a 52 week high of $55.33. The stock has a market cap of $43.50 billion, a price-to-earnings ratio of 87.57, a PEG ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.21%. Corning's dividend payout ratio is currently 215.38%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Oppenheimer cut their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tallon Kerry Patrick bought a new stake in Corning in the fourth quarter worth $302,000. Barclays PLC raised its holdings in shares of Corning by 8.5% in the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock valued at $85,468,000 after acquiring an additional 148,042 shares in the last quarter. Hunter Associates Investment Management LLC raised its stake in Corning by 11.7% in the fourth quarter. Hunter Associates Investment Management LLC now owns 74,845 shares of the electronics maker's stock worth $3,563,000 after buying an additional 7,860 shares in the last quarter. Van ECK Associates Corp raised its stake in Corning by 343.6% in the fourth quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock worth $5,433,000 after buying an additional 88,558 shares in the last quarter. Finally, LMR Partners LLP raised its position in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after acquiring an additional 700,442 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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.