Insider Selling: Corning Incorporated (NYSE:GLW) SVP Sells 14,879 Shares of Stock

Key Points

• Corning Incorporated SVP Michael Paul O'day sold 14,879 shares at an average price of $62.36, totaling approximately $927,854, which resulted in a 29.39% decrease in his ownership stake.
• The company reported a $0.60 earnings per share, exceeding the consensus estimate by $0.03, with quarterly revenue of $3.86 billion, above analyst expectations of $3.84 billion.
• Corning has announced a quarterly dividend of $0.28 per share, with an annualized yield of 1.8%, and a dividend payout ratio of 119.15%.

Corning Incorporated (NYSE:GLW - Get Free Report) SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Corning Price Performance

Shares of NYSE GLW traded up $0.64 during mid-day trading on Thursday, hitting $63.25. 7,353,841 shares of the stock were exchanged, compared to its average volume of 5,685,387. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $63.91. The company has a market cap 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 debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.50. The stock's fifty day simple moving average is $52.16 and its two-hundred day simple moving average is $48.97.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period last year, the business posted $0.47 earnings per share. As a group, analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Brighton Jones LLC increased its stake in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. Pictet Asset Management Holding SA grew its position in shares of Corning by 0.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 349,487 shares of the electronics maker's stock valued at $16,608,000 after acquiring an additional 2,296 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Corning by 278.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 743,788 shares of the electronics maker's stock valued at $35,345,000 after acquiring an additional 547,167 shares during the period. O Shaughnessy Asset Management LLC grew its position in shares of Corning by 16.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 56,046 shares of the electronics maker's stock valued at $2,663,000 after acquiring an additional 7,867 shares during the period. Finally, Summit Financial LLC grew its position in shares of Corning by 190.7% in the 4th quarter. Summit Financial LLC now owns 14,429 shares of the electronics maker's stock valued at $686,000 after acquiring an additional 9,466 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Susquehanna reissued a "positive" rating and set a $75.00 target price (up from $60.00) on shares of Corning in a research note on Wednesday. Barclays boosted their target price on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday. Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Mizuho boosted their price target on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Argus restated a "buy" rating and set a $68.00 price target on shares of Corning in a report on Wednesday. Four 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's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.25.

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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