Insider Selling: Corning Incorporated (NYSE:GLW) EVP Sells 29,978 Shares of Stock

Corning Incorporated (NYSE:GLW) EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Corning Stock Performance

NYSE:GLW opened at $33.72 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a market cap of $28.84 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07. The firm’s fifty day moving average price is $32.36 and its 200 day moving average price is $30.61. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is 157.75%.

Institutional Trading of Corning

Several hedge funds have recently modified their holdings of GLW. Commonwealth Equity Services LLC lifted its holdings in Corning by 0.7% in the third quarter. Commonwealth Equity Services LLC now owns 807,939 shares of the electronics maker’s stock valued at $24,618,000 after acquiring an additional 5,242 shares during the period. Kingswood Wealth Advisors LLC lifted its stake in shares of Corning by 157.6% in the third quarter. Kingswood Wealth Advisors LLC now owns 16,306 shares of the electronics maker’s stock valued at $497,000 after purchasing an additional 9,975 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in Corning by 2.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock worth $3,351,000 after buying an additional 2,308 shares in the last quarter. Xponance Inc. grew its position in Corning by 5.2% during the third quarter. Xponance Inc. now owns 106,466 shares of the electronics maker’s stock worth $3,244,000 after buying an additional 5,294 shares during the period. Finally, Tectonic Advisors LLC purchased a new position in Corning in the third quarter valued at about $244,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. UBS Group upped their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Corning in a report on Monday, April 22nd. JPMorgan Chase & Co. raised their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Hold” and an average price target of $34.89.

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.