John Z. Zhang Sells 9,610 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW - Get Free Report) VP John Z. Zhang sold 9,610 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Corning Price Performance

Corning stock traded up $0.44 during midday trading on Monday, reaching $50.03. 5,081,836 shares of the stock traded hands, compared to its average volume of 5,977,621. Corning Incorporated has a 12 month low of $36.58 and a 12 month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock's fifty day moving average is $44.89 and its 200-day moving average is $47.57. The stock has a market cap of $42.85 billion, a P/E ratio of 86.26, a PEG ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the company earned $0.38 EPS. As a group, equities research analysts anticipate 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 Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.24%. Corning's dividend payout ratio (DPR) is presently 215.38%.

Institutional Trading of Corning

Several institutional investors have recently added to or reduced their stakes in GLW. Oregon Public Employees Retirement Fund lifted its stake in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after acquiring an additional 204 shares during the last quarter. Leigh Baldwin & CO. LLC lifted its position in shares of Corning by 1.7% during the first quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock worth $573,000 after purchasing an additional 210 shares during the last quarter. Principal Securities Inc. lifted its position in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after purchasing an additional 211 shares during the last quarter. University of Texas Texas AM Investment Management Co. lifted its position in shares of Corning by 9.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after purchasing an additional 214 shares during the last quarter. Finally, Bogart Wealth LLC lifted its position in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after purchasing an additional 219 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Oppenheimer lowered their price target on 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. lowered their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Finally, Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target 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.