Stefan Becker Sells 17,106 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW - Get Free Report) SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Corning Trading Up 1.5%

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

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share 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 for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the previous year, the business posted $0.38 EPS. The business's quarterly revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

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

Analyst Ratings Changes

Several analysts have weighed in on GLW shares. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Bank of America increased their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Finally, Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $53.08.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently bought and sold shares of GLW. Strs Ohio acquired a new stake in Corning in the 1st quarter valued at approximately $27,219,000. SWS Partners increased its holdings in shares of Corning by 2.3% during the first quarter. SWS Partners now owns 55,462 shares of the electronics maker's stock valued at $2,539,000 after purchasing an additional 1,271 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Corning by 4,346.5% during the first quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker's stock valued at $7,048,000 after purchasing an additional 150,521 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Corning by 4.7% during the first quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker's stock valued at $227,000 after purchasing an additional 224 shares during the period. Finally, Intech Investment Management LLC increased its holdings in shares of Corning by 507.6% during the first quarter. Intech Investment Management LLC now owns 211,124 shares of the electronics maker's stock valued at $9,665,000 after purchasing an additional 176,379 shares during the period. Institutional investors and hedge funds 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.