Corning Incorporated (NYSE:GLW) SVP Sells $241,950.00 in Stock

Corning Incorporated (NYSE:GLW - Get Free Report) SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company's stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Corning Price Performance

Shares of NYSE GLW traded up $0.68 during midday trading on Friday, reaching $48.52. The company's stock had a trading volume of 3,072,394 shares, compared to its average volume of 5,644,152. The company has a market cap of $41.54 billion, a P/E ratio of 282.15, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The business's 50 day moving average price is $46.21 and its two-hundred day moving average price is $41.86.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 EPS. On average, analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning's dividend payout ratio (DPR) is 658.82%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its position in Corning by 21.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker's stock valued at $975,000 after acquiring an additional 5,151 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Corning by 3.1% in the first quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker's stock worth $812,000 after acquiring an additional 743 shares during the period. Lake Street Advisors Group LLC purchased a new stake in shares of Corning in the 1st quarter valued at about $203,000. Pitcairn Co. raised its position in shares of Corning by 6.3% during the 1st quarter. Pitcairn Co. now owns 12,708 shares of the electronics maker's stock valued at $419,000 after buying an additional 748 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in Corning by 10.0% during the first quarter. EP Wealth Advisors LLC now owns 14,104 shares of the electronics maker's stock worth $465,000 after purchasing an additional 1,277 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GLW. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Oppenheimer reissued an "outperform" rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Morgan Stanley reissued an "equal weight" rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.08.

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.

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