Insider Selling: Corning Incorporated (NYSE:GLW) CFO Sells 14,082 Shares of Stock

Key Points

• Corning CFO Edward A. Schlesinger sold 14,082 shares of the company at an average price of $62.28, totaling approximately $877,026, subsequently decreasing his ownership by 15.24%.
• The company reported earnings of $0.60 per share for the last quarter, exceeding analysts' expectations, with revenues reaching $3.86 billion compared to anticipated $3.84 billion.
• Corning recently announced a quarterly dividend of $0.28, with an annualized yield of 1.8%, despite a payout ratio exceeding 119%.

Corning Incorporated (NYSE:GLW - Get Free Report) CFO Edward A. Schlesinger sold 14,082 shares of Corning stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the transaction, the chief financial officer owned 78,316 shares of the company's stock, valued at $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Corning Stock Performance

Shares of GLW stock traded up $0.64 during trading on Thursday, reaching $63.25. 7,353,841 shares of the company's stock traded hands, compared to its average volume of 5,685,387. The company has a market capitalization of $54.17 billion, a P/E ratio of 67.28, a PEG ratio of 1.64 and a beta of 1.11. The company has a current ratio of 1.50, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58. The firm's 50-day moving average is $52.16 and its 200 day moving average is $48.97. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $63.91.

Corning (NYSE:GLW - Get Free Report) last announced 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 company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. During the same period in the prior year, the company posted $0.47 EPS. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.28 dividend. 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 is currently 119.15%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. Argus reiterated a "buy" rating and set a $68.00 price objective on shares of Corning in a report on Wednesday. Barclays lifted their price objective on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday. Oppenheimer reiterated an "outperform" rating and set a $72.00 price objective (up from $55.00) on shares of Corning in a report on Wednesday. UBS Group lifted their price objective on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Finally, Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average price target of $63.25.

Institutional Trading of Corning

Institutional investors and hedge funds have recently bought and sold shares of the company. REAP Financial Group LLC grew its holdings in shares of Corning by 191.5% during the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock valued at $27,000 after purchasing an additional 339 shares during the last quarter. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new position in shares of Corning during the 4th quarter valued at $30,000. Investment Management Corp VA ADV grew its holdings in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other 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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