Insider Selling: Corning Incorporated (NYSE:GLW) SVP Sells 8,876 Shares of Stock

Corning Incorporated (NYSE:GLW) SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the SEC, which is available through this link.

Corning Stock Performance

Corning stock traded down $0.26 during trading hours on Tuesday, reaching $48.00. 3,679,727 shares of the company were exchanged, compared to its average volume of 5,649,528. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The firm has a market cap of $41.10 billion, a price-to-earnings ratio of 284.06, a PEG ratio of 1.55 and a beta of 1.03. The stock has a 50-day moving average of $46.43 and a 200 day moving average of $42.18. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.33%. Corning’s payout ratio is currently 658.82%.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLW. City Holding Co. grew its holdings in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning in the third quarter valued at about $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning during the third quarter worth about $40,000. Global Trust Asset Management LLC raised its stake in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the period. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on GLW shares. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average 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.